Itamar Ben Hemo is CEO and Co-Founder of Rivery, a platform that empowers businesses to unlock the possibilities hidden within their data.
The 1920s were marked by economic and cultural prosperity. The economy surged with redefinitions in consumerism, arts and culture. America’s economy grew by 42% during this time, thanks to evolutions in mass production. All in all, new patterns of consumption emerged, from vacuums to beauty products.
A key engine behind America’s economic boom in the “Roaring ’20s” was technological progress, which led to the mass production of goods. Large businesses benefited the most from an unprecedented increase in economic output and productivity. The electrification of America and mass marketing techniques helped create the demand for a new life standard.
In 2021, the world’s economy is still suffering the effects of Covid-19. While it will take time to recover, as soon as life goes back to normal and people’s hopes go up, so will their willingness to spend on new products, services and experiences. Global crises, recessions and disasters have been historically followed by economic and cultural booms. People will be ready to work, spend and live their best lives.
Once again, technology is likely to become one of the key catalysts for economic growth this decade. The pandemic has expedited the way people use tech platforms and devices as essential tools to work, shop, learn and interact. The world of business is changing fast, and many organizations must undergo significant digital transformations if they want to ride the upcoming wave of consumerism.
These new roaring twenties are also bringing a new air of optimism. New research from Forrester points to a rising “tide of customer energy” in 2021. As governments begin to rollout Covid-19 vaccinations, consumer energy is on the rise. Around 58% of U.S. online adults believe that their quality of life in 2021 will be better than it was in 2020, with 23% expecting a significant improvement. Brands and businesses must capitalize on this momentum to thrive and offer messages and products that give consumers a reason to believe in a brighter future.
Digital Transformation Starts With Data Management
In fact, business leaders are more conscious than ever about the necessity to modernize digital processes in an uncertain environment marked by global lockdowns and new consumer habits. According to Gartner research, as cited in a CIO article, “69% of boards of directors are actively accelerating their digital business initiatives.” Organizations need to evolve and modernize their IT and data ecosystem — from stronger data governance that ensures security and compliance to new data storage architectures that provide the accessibility an increasingly remote workforce needs. It is no surprise that DataOps as a discipline is bound to boom in 2021.
Gartner analyst Rita Sallam emphasized the rapid shift toward real-time business insights at the Gartner IT Symposium/Xpo. She warned that “in the face of unprecedented market shifts, data and analytics leaders require an ever-increasing velocity and scale of analysis, in terms of processing and access, to accelerate innovation and forge new paths to a post-Covid-19 world.” In fact, according to Gartner, by 2022, most business systems will feature real-time capabilities.
If you are an enterprise stuck to a legacy data stack and outdated processes, now is the time to think about a significant digital transformation. Overhauling your data processes will take some time and effort, and you might even have to run your legacy systems for a few months. However, not embracing all the capabilities that modern cloud solutions bring might stagnate your growth over the next data. Meeting the demands from your customers, teams and stakeholders for better and more accessible data is the obvious place to start.
Rolling With The Punches That 2021 Will Bring
We all hope for a smoother year in which things will start to go back to normal. However, we’re inevitably entering an era of uncertainty. We still don’t know the full economic and social impact that the current pandemic will have in the long term. Hence, when it comes to business management (and data management too), security and business continuity will be at the top of everyone’s agenda.
Of course, modernizing your IT estate while continuing to manage day-to-day operations is a big task, with data storage posing particular challenges. Existing data needs to be secured while also being made accessible to a remote and distributed workforce. Businesses need new data architectures with the capacity, flexibility and performance to handle new data sources at the edge and in the cloud. Storage needs to change to match the pace of transformation. The struggle many large enterprises face is to manage an increasingly complex storage estate without reliable management tools.
In a similar way that in the 1920s America’s economy grew by over 40% in great part thanks to the technology that enabled businesses to mass produce, the 2020s are bringing us another technological revolution to grow within via unprecedented visibility into consumer behavior, user analytics and product demand. The best part is that these sophisticated data and agile insights have never been cheaper or easier to acquire. Those organizations that leverage the right data stack for their business today will have a real edge over the next decade of consumerism.