It’s not enough to say that we’re passionate about data. That’s because there are so many clichés about how data is the new oil and how it helps companies “make better business decisions”. But in 2020 data isn’t just something that helps companies “make better decisions”, it’s the tool that lets you make any decisions at all. The problem isn’t recognizing how data is important. No. The nagging problem is that data can be as much an obstacle to growth as it is a vehicle towards it.
Every for-profit company cares about growth. And every CFO takes roughly the same approach to growing EBITDA: take an action, measure its outcome, then double down or pivot to something else. Repeat. It’s a standard feedback loop that companies at every level are doing – from startups crunching spreadsheets to enterprises running SAP.
But there’s a problem that leaves midsize enterprises, ironically, stuck in the middle. At some point, spreadsheets just don’t cut it anymore, and there’s a massive chasm between Excel and the enterprise tools that bigger companies are using. Until now, the only way to cross this chasm was to make a large investment in people, time and infrastructure. But for that upstart brand that’s just making its mark, momentum is a finite asset. And every dollar spent on things like data infrastructure or business intelligence is a dollar taken away from their core competency.
Working as a Business Intelligence Analyst at Arc’teryx Equipment, I felt this problem first hand. I spent a lot of time building a team and an infrastructure that could support decision-making around sales operations, marketing spend and product development. But it was a time-consuming process. There was a lot of manual work cleaning and formatting data, tweaking reports, and resolving conflicts. And while the work had an impact, as the company grew it became harder to keep up with the demands of the business. It felt like we were driving a high-end sports car, pedal to the metal, with the hand brake up and a parachute tied to our back. What was supposed to help us grow was starting to hold us back.
It feels like, more and more, data (and the tools surrounding it) are getting in the way of companies looking to grow to the next level. The investment in infrastructure is a minimum 7-figure budget. Users must work with a multitude of tools, ultimately escaping to Excel. And internal teams are stretched thin trying to support the business.
It’s been my belief that data, technology and its support should be unobtrusive. It’s not just that we’re passionate about data. We’re passionate about products that get out of the way and bring people closer to their goals. Whether that’s helping an analyst finish her report, or a business realize higher growth.
That’s why we built TypeSift, an out-of-box system that does just that. Our ambition is to help companies transform their data from an obstacle into a vehicle for growth. We believe in helping CFOs grow EBITDA without also hurting it in the first place. And it’s our vision to make every person who touches data feel like an expert at their job.
If you are a CFO, CMO, Product or Sales leader thinking about how you can better leverage the data your business is already generating, then we should talk. We can show you how to build feedback loops that drive growth in fewer steps, in less time, and with limited resources. Get in touch with us to find out more about TypeSift’s solutions, and to request a demo. Let’s get you over the hump on your journey to higher growth.