Every company is becoming a data company. In Data-Powered Businesses, we dive into the ways that companies of all kinds are digitally transforming to make smarter data-driven decisions, monetize their data, and create companies that will thrive in our current era of Big Data.
A community of builders
As an AWS Data & Analytics Competency partner, Sisense is honored to join and power this innovative community. These builders are fueled by a thriving economy — the analytic apps economy. Executives, business leaders, and Chief Data Officers are leading the way when it comes to generating new value and new revenue for their customers with analytics products and services. Companies that aren’t taking advantage of this trend will be left behind.
A proven track record
If your organization is on a journey to generate new value and new revenue for your customers, you’re in good company:
For instance, the leaders at GE Healthcare were early believers in the idea that they could drive more financial, operational, and clinical outcomes for their partners and customers by extracting actionable insights from the data they created and managed for them. Leveraging Sisense, they created millions in recurring revenue and added a strong market differentiator.
At Sisense, we work across industries on many of those opportunities. It’s now become clear that:
- All companies can participate in the multi-billion analytic and AI apps economy, creating new go-to-market and revenue streams
- Sisense truly is the best platform to support those innovations at scale, leveraging existing infrastructures, people, domain expertise, and markets
Executives, business leaders, and Chief Data Officers are leading the way when it comes to generating new value and new revenue for their customers with analytics products and services. Companies that aren’t taking advantage of this trend will be left behind.
Maximizing return on existing investments
As an enterprise executive, it’s important to realize early in your career that a core path to success is not always the “rip and replace” or “different must be better” approach. It is far more beneficial to a company to find ways to accelerate what we call return on existing investment — the ability to create revenue from existing assets like data, market penetration, domain expertise, technology decisions, people, and operational excellence. Building a strategy to monetize incremental value from those assets is key to success in existing or new markets.
In fact, large enterprises are the only ones capable of innovation at scale. These enterprises are perfectly situated to successfully compete with the startup ecosystem, leveraging the following strengths:
That’s exactly what successful developers and product managers building apps on AWS and Sisense do: they select best-in-class technologies, design a flexible platform architecture, enable business lines to focus on delivering incremental value to their customers, differentiate through outcome selling, and experiment cost-effectively.
Sisense works with Fortune 500 companies across industries, unveiling opportunities that add up to millions of incremental, high-margin revenues, delivering five times that value to their customers. Every day our strategy consulting business and customer success teams help identify opportunities for millions in new revenue and advise businesses about how to organize, budget, and go to market. Some have built-in advantages: those with a solid AWS deployment with centralized data, fast time to build AI algorithms, and a developer-friendly interface to manage workflow applications have a head start in leveraging Sisense to embed actionable insights into their core products and monetize those assets.
Building vs. buying the platform
When technology was less mature, it might have made sense for enterprises to build and own both the platform and the apps. But that leads to more resources spent on technology and fewer resources invested in using your domain expertise to solve customer problems and deliver outcomes. That’s the opposite of what a smart business wants to do!
Companies can avoid that tradeoff by using a microservice-oriented architecture to create that new revenue. This year, the dream came true when in August we released the most modern native-cloud architecture available for builders. This technology is exactly what any company needs to significantly increase its AWS ROI (it was built for Amazon Linux 2). We worked closely with AWS on the product and continue to do so as we roll it out to customers.
If you’re not a platform company, you must understand the “build vs buy” debate: Competing on quantifiable outcomes is a much better use of existing internal resources (vs competing to develop the best platform) and customer time. Once you’ve set up the right AWS/Sisense infrastructure, all you have to do is to find what high-value questions need to be answered. Consider what types of new value you can create for your customers, your suppliers, and your end-users. Then deliver on that value and get a share of that outcome.
Charles Holive is the Managing Director – Strategy Consulting Business at Sisense and is a recognized industry thought leader in data monetization, business innovation, analytics, and AI. In the last 10 years, he has specialized in creating, scaling, and running new analytics business units that generated tens of millions of incremental yearly revenue.