In our webinar, “The Lightbulb Moment: How EdisonAI shines light on Partnership Ecosystems” three industry experts delved into the world of partner data, its challenges, and its incredible potential. The overarching theme of the discussion was, "How do we get the data that tells us the truth and not the story we want to hear?"
Below you can:
- Watch the webinar on-demand
- Read a breakdown of our key takeaways
- Book a personalised walkthrough of EdisonAI
(On mobile and can't see the video? Click here to watch the webinar)
Our experts included:
- Tom Perry, CEO and Founder of The Sherpa Group [LinkedIn]
- Pascale Smith, EVP Strategy Director of The Sherpa Group [LinkedIn]
- Jeffery Chancellor, Principal of Aristia Consulting [LinkedIn]
The Hampering Effect of Incomplete Data
Without the right data points, we often become trapped by the data that makes us comfortable, rather than obtaining the insights we truly need. Jeff, who has a wealth of experience at Sage, revealed how their revenue increased by 150% with access to the right data and the ability to share and review the truth. "We could have achieved that growth in half the time," if they had access to the right data he emphasized.
The Self-Fulfilling Prophecy of Limited Data
We often program ourselves to believe certain things because that's the data we have at hand. Unfortunately, this creates a self-fulfilling prophecy. To overcome this limitation, we must strive to uncover the truth that lies beyond the data we currently have.
Challenges in Gathering and Understanding Data
Tom, the CEO and Founder of Sherpa, pointed out that while the data exists, the challenge lies in pulling it together, visualizing what we need to see, and understanding the story it tells. In cases where it's difficult to assemble this data, people tend to stick to what they know, missing out on valuable insights.
The Need for Actionable Data
Pascale stressed the importance of having the right data that is not just a snapshot but is actionable. A single report from a single system is unlikely to answer the complex questions about partner performance, investments, and predictive signals ahead of revenue.
Overcoming the Fear of Data
One significant challenge is that 75% of employees feel uncomfortable working with data. To address this, organizations must focus on training their teams to understand and trust the data.
Stepping Stones to Actionable Insights
Pascale outlined four crucial stepping stones for achieving actionable insights:
A Robust Data Model: Instead of one-off analyses, a model that can learn over time and self-calibrate to changing environments is essential.
Right Information Density: Tailoring the data presentation to different levels within the organization, from executives to day-to-day managers.
Continuous Review: Actionable insights should be derived continuously, not through one-off analyses.
Building Trust: Truth builds trust, so organizations need to trust the model and the data to make meaningful decisions.
The Role of Data Analysis Software
While achieving these stepping stones can be a monumental task, data analysis software like EdisonAI can significantly expedite the process. EdisonAI not only offers a continuous view of data but also provides a honed set of metrics crucial for tracking partnership success.
Tailoring Data for Different Partners
Different types of partners require different metrics to describe their performance. For instance, technology integration partners and resellers would have distinct performance metrics, but some universal partnership metrics apply to all partners.
Real-World Use Cases
The speakers provided several examples of how data-driven decisions are transforming partnership strategies:
Identifying Focus Partners: EdisonAI helps organizations identify partners that offer the best growth rates and where to invest.
Building the Ideal Partner Profile: Data science informs the recruitment of partners who fit the organization's ideal profile.
Program Tier Restructuring: Data analysis can help companies rework their program tiers to generate different support models for various partners.
Revenue Opportunity Observations: EdisonAI helps organizations identify revenue opportunities within their current channels, optimizing recruitment efforts.
The Necessity of Data for Investment Decisions
Investing in the partner channel requires data-driven insights. Without the right data, it's impossible to make informed decisions on where to allocate resources and investments.
Consistency in Data Use
Consistent use of data and visualizations is vital. A changing story and shifting numbers can erode credibility and frustrate stakeholders.
This webinar sheds light on the pivotal role data plays in the success of partnership ecosystems. By recognizing the importance of actionable data, adopting the right data models, and leveraging data analysis software, organizations can embark on a journey towards data-driven excellence in their partnership strategies. The truth lies in the data, and the right data can lead to transformative outcomes.
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