5 Data Management Strategies to Survive an Uncertain Economy

Join senior executives in San Francisco on July 11-12 to learn how leaders are integrating and optimizing AI investments for success. Find out more

We're going to have a tough few quarters. Or maybe we're not. That sums up the sentiment of nearly every economist, trade analyst, investor, talking head, and armchair adviser over the past few months. As for our macroeconomic outlook, it depends on who you ask.

Make no mistake; many worrying signs point to a struggling economy: inflation, widespread layoffs, shrinking incomes, devaluations, sluggish investment and volatile geopolitics. But whether we're facing the eyewall of another full-scale global recession or simply gusts of regional economic headwinds, companies of all sizes and in all sectors have begun to proactively batten down the hatches.

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In these times of prolonged budget uncertainty, a question I regularly receive from customers, potential customers, and business leaders on or about to be on their digital transformation journey is: "What should we do with our data strategy?"

I'm glad you asked.

Event

Transform 2023

Join us in San Francisco on July 11-12, where senior executives will discuss how they've integrated and optimized AI investments for success and avoided common pitfalls.

Register now 1. Don't throw data on the road

If there's one piece of advice you'll take away, let it be this: as tempting as it may be to pause, delay, or defer your larger data management and digital modernization efforts during the economic downturns – don't.

Digital transformation is not a switch that you simply turn on and off. Companies cannot slow down; once launched, the momentum must be maintained. The innovation curve has grown much more exponential, and if customers don't focus on long-term, critical transformations, they're likely to find themselves unable to escape recessions, pandemics, and other economic quagmires.

“That too shall pass” is a favorite maxim of actor Tom Hanks, and it illuminates this point: economic peaks, plateaus and valleys are cyclical. In April 2020, American Airlines purchased and implemented our solutions. Frankly, given the pandemic chaos, I was surprised. When I called them, their reasoning was illuminating: the transformation cannot stop. They recognized the need to better understand their customers, and even if their business closed for six months, people would fly back. They needed to propel long-term investments and anticipate changing customer behavior. They just couldn't afford to sit around and wait for the pandemic to pass to begin.

2. Promote the democratization of data

A consequence of slowdowns is often the loss of talent, either voluntarily or through layoffs. When it comes to data management and digital transformation, this can lead to serious disruptions in productivity and accessibility if traditional controllers such as IT or data teams are impacted.

Reduce IT staff workload and minimize your risk by enabling other departments and line of business users to...