What can others do for you?
A lot!
Firms can outsource an extremely wide range of business processes in order to focus on their core competency!
Managing your data is more about choosing the right data services and combining them in flexible ways than about building these capabilities in-house.
Services include:
Infrastructure
including tools for data lakes and data warehouses
Analytics
including machine learning, AI and e-commerce analytics such as Google Analytics
Applications
including marketing and customer experience
Matt Turck provides the above “data & AI landscape” on a yearly basis. You can find his 2020 landscape with many tools for a modern data stack here:
Due to the modular, outsourced nature of firms’ data services, capabilities evolve quickly as the industry innovates. In order to “keep up”, firms must therefore continuously add and replace the services they use.
There is a trend toward the “citizen analyst role”: With an ongoing shortage of skill sets in data science, companies need to reduce the burden on IT by empowering individuals to become “citizen analysts.” These self-service analytics require user-friendly tools. This shift also helps address cultural resistance.
For more information on the European Data Services landscape, check out the monitoring tool:
You can see, for example, that, while the UK and Germany are similar in terms of the value of their data economy, the UK has a much higher number of data suppliers.