Don’t run before you can walk – getting back to basics will help accelerate your business
The usual rush is on to adopt the latest technologies of the coming year and keep ahead of the trends but it’s important not to run before you can walk or you’ll trip up. While constantly looking forward and innovating is imperative, organisations do need to be mindful that innovation isn’t done for the sake of it. Getting back to basics and looking at the technology you have and how to get the most out of it should be the first step in accelerating your business.
The importance of getting back to basics
With agile start-ups nipping at the heels of more established businesses and levels of data reaching saturation point, innovation is perhaps more key than ever. Encouragingly, Gartner’s 2016 CMO Spend Report shows that 71% of marketing leaders have a dedicated budget for innovation. However, innovation doesn’t necessarily have to equate to purchasing the latest technology trend.
Ironically, organisations often have more access to innovation than they realise. Businesses regularly purchase the ‘Ferrari’ of marketing and data technology, but then leave it in the garage, by not taking advantage of all the innovative functions it can offer.
Don’t overlook what you already have
When implemented and integrated correctly, marketing and data technologies have the potential to drive digital transformation, enable business intelligence, allow organisations to become truly data led and ultimately transform customer experience for the better.
All too often, I see organisations either rushing to buy marketing and data technology, or investing in new technology, which then does not deliver on its promise or expectation. They are all driven by a desire to stay one step ahead of the competition and carve out an advantage in an increasingly crowded and fast-paced environment.
Frustratingly, the technology to enable them to do this is available, it is just not being selected and implemented in the right way.
Get your data right and the rest will follow
Businesses need to ensure they have the basic building blocks in place in order to get real benefit from any technology they purchase. What’s commonly overlooked is the hugely important role data plays. Nearly every new trend such as A.I, cognitive computing and IoT has data at its core and without getting this basic foundation right and establishing good integration between accurate and relevant data it simply isn’t possible to realise the potential of new and exciting technology.
To find out more about how to balance innovation and get the basics of technology selection, implementation and integration right, download our latest ‘Ask the Experts’ guide, designed to help businesses identify and capitalise on key marketing and data technology.
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