Data expertise is a valuable asset that can boost company output and supercharge growth. In fact, brands that fully integrate analytics across their organisations can achieve up to five times more growth than those that don't, showing that data capabilities play a role in maintaining competitive edge.
However, it is not just data that matters. An overwhelming nine in 10 executives now regard human centric skills, such as communication, critical thinking and emotional intelligence, as more crucial than ever for long-term organisational success.
A careful balance between data and human proficiencies helps businesses innovate and grow, but teams often find themselves challenged to know which area to prioritise first. In the technology industry, businesses have faced a number of challenges, including talent shortage, sustainability concerns and data privacy; each of which can benefit from specialist data expertise or model human skills.
Harnessing data for organisational agility and growth
The technology industry is fiercely competitive, with 51,017 new businesses registered in the UK last year alone. Consequently, having a data-driven understanding of what makes a product stand out is essential for brands aiming to thrive in today's competitive market. This can be achieved by working with data specialists, or where that’s not possible, using AI-powered data analysis tools. By using comprehensive data insights, organisations can gain a nuanced understanding of buyer behaviour, preferences and trends. This enables them to make more informed decisions, refine their strategies and tailor their offerings to better meet customer needs, setting the organisation up for sustained success.
Geopolitical risks, economic uncertainty and tightening regulation have caused fluctuations in the technology market in 2024, and are important factors that technology leaders should be aware of. Using market data to understand these challenges, as well as the resulting anticipated sales patterns is crucial, as it positions companies to make enhanced planning decisions. Research also shows that machine learning algorithms can sift through market data to uncover latent customer needs, identifying up to 50 per cent more market opportunities than traditional methods, showing the value of investing in data and analytics software.
Blending human and technology skills
While it may be tempting to put all efforts into growing a data-driven organisation, leaders must not forget the value of human intelligence, interactions and team chemistry. This year and beyond, human capabilities such as leadership, communication and emotional intelligence are in high demand, and are even outpacing the need for digital expertise. In the UK, human skills are reportedly over twice (2.4 times) as in demand as digital skills.
Particularly amidst the rise of automated communication and remote work, human skills are an integral asset for nurturing internal talent and creating better output. For example, a manager that leads with open communication and emotional intelligence is more likely to encourage their junior employees to contribute ideas. Whether the organisation is a busy tech startup, ambitious scaleup or legacy company, most of the hands-on work is undertaken by junior employees. It is, therefore, vital that managers create an environment in which juniors feel able to raise their hands and share suggestions and observations. Nurturing talent across all levels strengthens the team's capabilities and cohesion, allowing businesses to adapt effectively to new challenges and opportunities. This is a crucial part of ensuring a competitive edge in a changing technology market.
A strong and well-connected organisation can be further enhanced by inclusive decision-making processes; i.e., including employees from more diverse backgrounds in business decisions at all levels. Research shows that failing to build an inclusive workforce at all levels can leave businesses falling behind, as diverse teams tend to innovate more effectively and deliver better results. As developing technologies affect people of all ages, genders and races, inclusive decision-making needs to be at the forefront of technology businesses to prevent unconscious bias manifesting in the product or offering.
Finding the right approach
It may seem that data and people skills are positioned on two ends of a dichotomy, but both skillsets are highly valuable and essential to set the organisation up for success. While there’s no silver bullet to determine which area should be the priority, businesses can start by assessing their unique goals and needs. For instance, a tech company focused on developing a new product may prioritise data skills to leverage market insights to feed into the planning processes. In contrast, a company that knows it needs to improve the user experience might initially need to use data to understand the pain points, but could realise more value in hearing human input, creative ideas and problem solving. It’s about knowing which area is going to drive your business forward in times of change.
If the business can benefit from both, then it’s time to establish a balance between the two. This is underpinned by the company culture. Encouraging cross-functional teams that mix data specialists with well-trained communication and leadership experts will enhance organisational collaboration driving success. Drawing on both skill sets in the right context will enable businesses to develop their products, create better customer experiences and increase organisational efficiency. Ultimately, a balanced approach enables tech businesses to navigate the digital landscape effectively and set themselves up for success.
As the technology sector continues to evolve amidst challenges such as talent shortages, regulatory changes and shifting market dynamics, a balanced integration of analytical prowess and human skills emerges as a critical strategy. By fostering a company culture that values both data-driven insights and the nuanced strengths of human intelligence, businesses can craft innovative solutions, optimise their operations and enhance customer experiences.