Data and Technology: The Cornerstones of Modern Business Growth

Credit Awareness Week, our ninth edition, offers a valuable opportunity to pause and reflect on the past year. Importantly, it ensures we continue to meet the evolving needs of our customers and the market. 

The last year has been challenging with continued change, and what this creates is uncertainty for both businesses and consumers. As we look ahead, we know that change will remain.

This makes it even more important for businesses to plan with confidence and be able to build sustainable long-term growth, a key element of financial health. 

With this in mind, we wanted to delve into how businesses are thinking about today’s market, the challenges they face, and the strategies they are employing to address them. 

Current Market Insights 

Our survey of British businesses revealed that rising costs (61%) and economic uncertainty (58%) are the two biggest hurdles to achieving sustainable growth. Additional barriers cited were consumer confidence, regulatory changes, and cybersecurity threats.

However, what stood out from the research is the strategic shift businesses are making to tackle these challenges head-on. 

The research showed the top three priorities for businesses over the next five years are enhancing customer experience and personalisation (49%), implementing technology (48%), and establishing robust data governance (28%).

All of these are crucial for allowing businesses to thrive and adapt in a rapidly evolving environment as they empower businesses to make more informed decisions, foster strong customer relationships and loyalty, and drive innovation in products and services.  

The Role of Data Governance 

The findings also showed businesses are adopting clear data and technology strategies. Seven in 10 are already using a diverse range of trusted data, with 65% consolidating data in a single central location. 

What we know though is robust data governance is the foundation for managing data effectively. In fact, we found in previous research that 83% of British businesses acknowledge that data governance should no longer be an afterthought, and 73% believe it is the cornerstone of better AI.  

Effective data governance ensures that data is accurate, consistent, and reliable, which is essential for making informed business decisions. What is required is the right technological investments, a dedicated team, and well-defined policies to ensure compliance with regulations and to protect data privacy and procedures.

This is also where good data quality practises come into play. Establishing clear data quality standards, implementing robust data quality monitoring, and fostering a data quality culture are all critical steps in maintaining high data quality to ensure the data used by businesses is trustworthy and fit for purpose. 

Robust data governance also supports the integration of advanced technologies such as AI and machine learning. With well-governed data, businesses can successfully leverage these technologies to gain deeper insights, automate processes, and enhance decision-making.

This not only drives innovation but also helps in creating those personalised customer experiences, which the research confirmed is a priority for businesses.  

Driving Financial Inclusion 

The research showed that nearly three-quarters of businesses understand the importance of integrating data with the right technology platforms to drive not just growth but financial inclusion as well. 

Data governance plays a crucial role in supporting financial inclusion for several reasons. The most important is building trust. Effective data governance ensures that the data used by financial institutions is accurate, consistent, and reliable.

It also enables the use of diverse and comprehensive data sets, allowing lenders to make better-informed decisions and tailor their services to meet the specific needs of different consumer segments.  

Strong data governance frameworks also help in identifying and mitigating fraud. By ensuring data accuracy and implementing advanced verification processes, organisations can protect consumers from fraudulent activities. 

Lessons Learned and Actions for 2025 

This research highlights the indispensable role strategic data and technology initiatives play in navigating market challenges and fostering sustainable growth. For consumers, that translates to greater financial inclusion, improved access to reliable financial services, and enhanced protection against fraud. 

How businesses take true advantage of data and technology is by reviewing their current data and technology stacks and, with their 2025 strategy in mind, assessing how they are contributing to achieving their goals. In addition, the ability of teams to work efficiently in a data-and technology centric environment will become a major competitive differentiator.

Companies that invest in upskilling their workforce to handle data effectively will stand out. Ultimately, the synergy between data, technology, and skilled teams will be the driving force behind future business success.