2040’s Ideas and Innovations Newsletter, Issue 64: To Be Forewarned Is to Be Forearmed
The savvy, experienced executives are curious, informed, and naturally anticipate the future, not catch up to it. That usually requires these individuals to step out of their comfort zones and confront ambiguity and change head-on. They support their teams and coach them to think critically and stretch to maintain high performance, both individually and for the organization. This may sound obvious, but in our experience, we have encountered top leaders who are uncomfortable with the lightning-speed changes in the marketplace and insecure about their knowledge gaps — especially in data and analytics.
As we have shared, new data privacy laws are complex and can have draconian consequences if ignored. Our counsel with clients is to help them navigate the policies and establish a robust data and analytics practice to better manage and control their first-party data. Many of the strategies for becoming data-driven are hidden in plain sight; you simply need to change your thinking to recognize the assets you already have. Remember, the ultimate goal is to give your stakeholders what they want and need, not what you think they want.
Data, managed effectively, provides a rich trove of insights into behavior, intent, purchase patterns, and preferences. A solid data program will also reveal how you can grow your revenues and value currency by delivering what your customers want rather than developing products and services based on instinct and intuition. That said, the challenges going forward will be adapting your current data practice to the new laws protecting privacy. It will take a learning curve and some innovative thinking about how to better know, understand, and serve your customers based on data.
Above all, it starts and ends with the skills, talents, and mindsets of your workforce. Any change needs to be introduced carefully, mindful of people’s natural resistance to anything new. Once you have critical mass support from your workers, you can activate data programs that will serve your stakeholders, protect their privacy, and build your business.
We’re here to help. Reach out to learn more. And in the meantime. we offer you more summer good reads to make you smarter and better prepared to compete in the marketplace controlled by new data standards.