Data is not the new gold, it’s everywhere in abundance. Most digital-age businesses generate huge volumes of data, but they struggle to harness its value even after large investments in expensive tools, platforms and IT infrastructure. Every single industry, from finance, retail and telecom to healthcare and real estate, is impacted by this endless search for the right monetization strategy.
In fact, well-managed data is the new gold! What does it take to become a data-driven company and how do you get there?
A winning data strategy extends far beyond technology and information. Like any currency, data is a means to an end – not the goal itself – and applying it effectively means starting from business strategy and the vision of your company’s leadership team.
Translating this vision into an actionable plan means diving into business processes, organizational structures, competencies, technology, governance and, of course, data.
Data by itself is meaningless. It only becomes valuable when you correctly apply it to reach your business objectives. Thus, your organization’s data strategy begins with what you want to achieve – not with the logistics of using data. This requires fundamental changes, not just for your processes, but for your people – and for your organization as a whole.
Luc Burgelman - CEO
Obtain an outside view on how data-driven your company is compared to industry standards and how it compares to other companies in your industry.
As company performance is directly related to data maturity, the assessment covers all relevant aspects from people & processes to data & analytics. The outcomes of the data maturity assessment will provide you with valuable insights and will point out the areas of attention to transform into a data-driven organization.
Companies going through a data-driven transformation need a comprehensive plan to advance their journey and have to create the necessary capabilities to treat data as a corporate asset.
A data strategy is an essential fundament and will be the roadmap for this transformation, as it ensures company-wide alignment and guidance on the value of data. A winning data strategy starts from the business strategy & vision of the leadership team, extends far beyond technology & information and includes clear key performance indicators. It enables a company to make technology choices aligned with business priorities, to get the most value from its data and realize competitive advantages.
But most of all it leads the entire company through a successful transformation indicating key changes in organization, business processes, talent and hiring strategies, governance, business architecture etc.
Generating results and realizing value strongly depends on the organization’s ability to incrementally translate strategy into execution.
Program Management enables maximum alignment between individual data projects & organizational data strategy, guarantees a holistic oversight on your data-driven transformation and assures a clear focus on benefit realization. Using the data strategy as a guiding framework, it ensures a step by step successful transformation.
Technology limitations are usually not the main reason for failure. Companies experience culture, organizational structure & business processes as principal challenges to become data-driven.
Transforming the operating model is a major challenge, especially for established companies. There are many different paths and many different starting points to become a data-driven organization. Nevertheless, all successful transformations share common elements: a company-wide understanding of the data value chain, servant leadership focusing on the growth of people, a network of teams operating in rapid learning & decision-making cycles and giving decision rights to the people closest to the information.
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