In today’s rapidly evolving business landscape, the influx of data has become a double-edged sword. As sales operations and leaders, we find ourselves swimming in a sea of information, armed with more data than ever before. However, while this wealth of data promises insights and growth opportunities, it also presents the challenge of sifting through the noise to unearth actionable insights. So, what do we do with it all?

Michael Fino, Managing Director of Worldwide Commercial Sales and Operations at Amazon Web Services explored this topic at the recent GDS North America RevGen Summit. Here’s what we learned from him.

In brief:

• Every business aspires to unlock the potential of data, but extracting valuable insights can be a challenge
• Generative AI has the power to take large volumes of data and harvest insights
• The transition from being data rich to insights rich is a journey that requires strategic thinking, continuous learning, and an unwavering commitment to change

“We have more data than we’ve ever had before”

According to Michael, the struggle to manage this data deluge is universal, cutting across industries and organizations. The increased availability of data should empower us to make more informed decisions and drive growth, but we’re faced with a pressing issue. “We have more data than we’ve ever had before, but we also have less time to respond to business situations than we’ve ever had before.” In essence, the challenge lies in our ability to efficiently harness this data for insights that fuel business success.

“This is the bane of our existence, folks”

Michael emphasizes that the concept of having copious amounts of data is not enough. What truly matters is whether we have the insights needed to run our businesses effectively. This challenge is central to the roles of sales operations and sales leaders, who must navigate the balance between customer interactions and administrative tasks. Michael underscores, “this is the bane of our existence, folks, and this is something that we should take very seriously.”

“Harnessing the power of data”

So, how do we navigate this challenge? Michael introduces the concept of “harnessing the power of data.” Every business aspires to unlock the potential of data, but the key question is: how do we extract valuable insights from the sea of information?

The rate at which data is generated continues to surge, with a staggering 90% of today’s data having been amassed in just the last two years (IDC). This exponential growth poses a monumental challenge, making sense of it all.

The urgency to derive value from data becomes even more evident when considering that only 32% of companies reported effectively leveraging their data for insights (Accenture). Michael shares, “that means 68% of us feel that we can be doing a better job of realizing insights from our data,” highlighting the collective responsibility to turn this tide.

“We’re just scratching the surface”

This leads Michael onto the key emergence of Generation Z (Gen Z) as an inflection point in sales operations.

“The ability for Gen AI to allow us to take large volumes of data and be able to harvest insights from it is unprecedented. And we’re just scratching the surface of the potentials of what GenAI can do for us.”
– Michael Fino, Amazon Web Services

This technology holds the promise of sifting through data and delivering valuable insights at an unparalleled pace. However, embracing this potential requires a paradigm shift. According to Michael, the transformation starts with a commitment to understanding Gen AI’s capabilities and implementing it in a way that aligns with specific business needs.

It’s not about expecting a ready-made solution but about driving change by actively seeking opportunities and iterating on them. Michael advocates a ‘crawl-walk-run approach’, gradually integrating Gen AI into different aspects of operations, all while focusing on a strategic North Star.

The importance of agility and a learning mindset can’t be overstated. Learning from failures and successes is integral to leveraging Gen AI effectively. As Michael notes, “as long as you’re doing it fast, then you’re learning from it. That’s not a bad thing.” Agility is key to adapting and fine-tuning strategies as Gen AI capabilities evolve.

Michael urges a cohesive approach to data usage within organizations. Achieving consensus on data sources, key performance indicators (KPIs), and strategic goals is essential. He advises, “get all of the key decision-makers together… come to an agreement on ‘less is more’ for your key performance indicators.”

Michael’s vision for the future is one where AI-powered chatbots enhance customer engagement and sales enablement. The synergy between chatbots and Gen AI holds the potential to deliver relevant collateral to sales teams efficiently, freeing up time for customer interactions.

“If we’re not moving quickly to respond – we are going to have missed the boat”

In closing, the AWS executive emphasizes that the journey to unlock the power of data and Gen AI is ongoing. Learning, experimenting, and adapting are paramount, and success hinges on a cultural shift. His inspiring words encapsulate the challenge and opportunity ahead: “This is going to be a competitive disadvantage that you don’t want to miss next year. If we’re not moving quickly to respond – we are going to have missed the boat.”

In essence, Michael’s insights underscore that the transition from being data rich to insights rich is not a simple transformation but a journey that requires strategic thinking, continuous learning, and an unwavering commitment to change. As we navigate this data-rich landscape, we must remember that the true value lies not just in the data we collect but, in our ability, to extract actionable insights that drive growth, innovation, and success.

Looking for ways to accelerate your sales cycles, engage in industry conversations, and achieve better outcomes? Look no further than our digital summits – our unique 3-day digital event experiences that bring together senior executives and solution providers.

Partnering with GDS Group can help you get in front of the right people at the right time.
Don’t miss out on the opportunity to attend one of our unforgettable event experiences that promise to leave you feeling inspired and empowered.

Check our calendar now and join us. We can’t wait to see you there!