5 Lessons I Learned from the 2019 Teradata Universe Analytics Conference

"Information technology and business are becoming inextricably interwoven. I don't think anybody can talk meaningfully about one without the talking about the other." --Bill Gates

I had a blast at my first Teradata Universe Analytics Conference hosted by Teradata at the Denver Convention Center in Denver, Colorado. This event is focused on discussing the possibilities, opportunities, and challenges of analytics in the digital world. I was able to meet with a large number of Teradata's customers, various speakers, and multiple industry experts throughout the week. The conference also consisted of many 1:1 meetings, networking opportunities, technology showcases, and many social events. There is a lot of information which needs to be shared, so here are my 5 key takeaways from the conference.

Disrupt or Be Disrupted

Digital disruption has become a common term these days, referring to the effect of digital technologies and business models on a company's value proposition and its resulting market position. Rapid advancement of technology and globalization causes this digital disruption, allowing new business models to be introduced at a high rate with declining costs. The only way to survive in a world of disruption, where the external environment is changing at such a fast pace, is to change the internal environment. When a company can innovate quickly as well as execute those changes effectively, that is when it goes from just surviving to thriving and may be even leading in the competitive market. Ultimately, great companies execute and disrupt at the same time, often disrupting themselves by constantly finding new ways to become more and more relevant to their users.

Build Customer-Centric Business Models

In the efforts to innovate and execute new business models, companies should not forget that they need to be customer-centric as well. A customer-centric way of doing business is a way that provides a positive customer experience before and after the sale in order to drive repeat business, enhance customer loyalty, and grow profits. But more importantly, customer centricity is a strategy that is based on putting the customer first, at the core of the business. Companies can do that by truly being passionate about putting customers first. They need to focus on what the customer wants and needs and develop products and services around that, building relationships through 360-degree feedback designed to maximize the experience. Businesses that are committed to customer centricity analyze, plan, and implement a carefully formulated customer strategy to keep current customers interested and attract new customers.

Enterprise Security is Key

To have a customer-centric business, companies must set customer loyalty as a must, and customer loyalty comes with ensuring the privacy of data. Disclosure of sensitive customer and employee information can lead to loss of trust, confidence, and loyalty, resulting in a loss of productivity and user base. Customer trust should be central to the mission of empowering every person in the industry. Businesses need to ensure that the data is private, secure, and under the customers' control. When it comes to compliance, the companies need to manage the data with the current laws, being transparent with the collection and uses of the data. Having a strong privacy policy, a strong cyber-security team, and multiple layers of security will help businesses move closer to keeping the data secure.

Be Uncomfortable to Succeed

There are many challenges, in addition to data security, which put businesses in a difficult and sometimes uncomfortable state. But businesses with everyone working towards a common vision understand that feeling uncomfortable is the key to success. When nothing changes and when people are afraid to venture out of their safe places, they do not even see the opportunities that are presented to them. When they look at the world with a desire to get a little uncomfortable every once in a while, they see every opportunity as a possibility. Even challenges become opportunities, having higher chances of being successful. The most successful people in the world are not perfect. They make mistakes all the time, and that is what helps them determine what actually works. Figuring out exactly what works through a series of failures is what helps to succeed at almost everything in life.

Be Mindfully Optimistic

Of course, just because a situation is uncomfortable does not mean that all discomfort serves a positive purpose or will contribute to growth. People have to be mindfully optimistic about how, when, and why they are embracing the discomfort of the situation and how it can benefit them and their businesses. When trying out new solutions, optimism is extremely beneficial, but it must be paired with rational thinking, conscientiously checking on the results of the efforts to make sure that overly optimistic expectations are not leading the purpose astray. Ultimately, through mindful optimism, people will have to find the courage, awareness, and understanding that allow them to see problems and hurdles for what they really are: opportunities to grow and learn.

Technology is expanding and companies are disrupting themselves in efforts to be more relevant and also protect their customers. Individuals of every business are also embracing new thoughts and habits such as being uncomfortable and mindfully optimistic to bring the best solutions to any problem in a healthy environment. These are not the only takeaways from the conference- Teradata has provided a way for us to re-live the best moments and learn more from the conference through their virtual platform: https://www.teradata.com/virtual . Let us all learn and share our knowledge so that content like this will motivate and inspire every individual. Share your thoughts on what lessons you would want to pass on to others below!