For fast-growing businesses seeking to capitalize on the power of the cloud and the data stashed across their business, the recent Domopalooza 2017, the annual conference from Domo, a cloud-based analytics software provider, offered some key insights.
Held in downtown Salt Lake City, Utah, just a short drive north of the Domo headquarters in American Fork, Utah, over 3,000 people from more than 1,250 different companies—both start-up and well established—came to the event to discuss the past, present and future of data and business intelligence.
Over 100 businesses that run NetSuite were in attendance, many of whom spoke at the event. As a sponsor of the event, NetSuite shared its perspective on the lessons we’ve learned from being a modern cloud company.
Here are a few of the key takeaways from Domopalooza 2017:
- Every company is a cloud company: As technology continues to develop, modern cloud business solutions are becoming an absolute requirement, instead of a ‘nice to have.’ It is crucial to have the right business tools in place to get to the next level—whether that means securing a round of funding, acquiring another company, or making an exit—companies need the proper infrastructure and the right data to support their plans.
- Embrace hybrid business models: Many companies start with one line of business like a product or a service. Hybrid business models are blurring the lines and companies that blend these models are no longer an exception to the rule, but rather they are becoming the norm.
- Businesses must deliver omnichannel experiences: From the back-end platform to the customer facing website, and everything in between, businesses requires a smooth, harmonious experience to keep customers happy and the company’s data healthy.
- Clean, accessible data a must: Tools that capture and feed data into digestible metrics and reports are a MUST have as the company expands; good data depends on the power of business tools to deliver that data – don’t be left behind.
- Change is the only constant: Customization is not a dirty word when it comes to business software. Every business is unique in one way or another, so flexibility is key for all businesses.
NetSuite allows businesses to be flexible through major growth stages, and gives the entire business a sightline into what’s working vs. what’s not. NetSuite’s user conference, SuiteWorld, is coming up from April 24th-27th and we plan to share more of what we’ve learned about being a modern cloud company. We hope you can join us – click here to register.