Data is nothing without the ability to understand, analyze, and act

As part of the reference check process for our HFS Horizons: Data Modernization Services, 2023 study, we asked an open-ended question to 33 business and operations leaders from enterprise firms using 23 service providers for their data modernization initiatives. Three important themes emerged:

1. Eighteen percent (18%) of the respondents value their service providers’ contribution to transitioning data into analytics and insights, empowering decision-making, fostering innovation, improving operational efficiency, and ultimately positioning enterprises for sustained success in a rapidly evolving business landscape.
2. Fourteen percent (14%) of the respondents value the partnerships and alliances with data or tech vendors as they offer a range of benefits, including providing expertise and innovative, tailored solutions; providing advanced data analytics and insights; and ensuring scalability and cost-efficiency by lowering the total cost of ownership.
3. As only 5% of our sample said incumbency is important, being the incumbent partner doesn’t matter if your firm can’t articulate a deeper data-to-action discussion. Another way to look at this is your customers’ data projects are the beachhead opportunities for your customers. If your firm is too wrapped in the “what” (adopting cloud or modernizing apps), the ”why” (because our data is bad) will only create opportunities for other firms to wedge themselves into your accounts.

The Bottom Line: Data modernization has transcended the traditional confines of databases and gained a holistic approach embracing the transformative power of data across the entire business ecosystem to drive innovation, improve operational efficiency, and enhance the overall customer experience.