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Data Strategy

DATA STRATEGY

An effective data strategy empowers a company to make technology choices aligned with business priorities, with the objective to get the most value from its data. Our team of data, AI & organizational experts can help you at every step of the way.

WHAT IS A DATA STRATEGY?

A modern data strategy is a roadmap towards data-driven decision making, applications and automation. It also includes the process of transforming a business and acquiring the skillsets required, all with one overarching goal: to enable an organization to achieve its strategic ambitions.

Ideal Future


Data and analytics are playing a new role in enterprises: one that highlights value creation and business outcomes.

Your data transformation should be based on a comprehensive view of the “ideal future” of your company, not change for the sake of change.

Strategic business goals


A plan to update
organizational structure 

Data & Technology
(current & future)

Constraints & Priorities

A plan to update
capabilities and skills 

A communication plan

A roadmap of
investments to make

A KPI Dashboard
to assess progress 

An effective data strategy always incorporates:

WHY DOES YOUR COMPANY NEED A DATA STRATEGY ?

Nearly every digital age company owns valuable data. To put it to the best use and generate the most value from it, it must do three things:

Ensure progress toward strategic goals

Connect investments in technology with quantifiable business value

Articulate the business impact of data and technology

WHY DATA PROJECTS FAIL? 

Suprisingly, data isn't usually the main reason why data projects often fall short. Data availability, volume and quality as well as a lack of the right tools and technologies can play a crucial role in failure, but the key culprit is less obvious. 

Data ownership conflicts across departements, intra-company politics and a "what's in it for me" mindset are in fact the biggest roadblocks for data projects. A lack of leadership knowledge and support will also cause projects to lose momentum and fizzle out before they even deliver results, even tough these projects are rarely cancelled. 

THE ROLE OF LEADERSHIP AND INSPIRATION 

In order to develop and execute an effective data strategy, it is important to understand that data projects: 


  • Require business transformation 
  • Require investments and well-considered governance 
  • Touch every aspect of your company 


A data project that fails to gain the buy-in of the C-level will never lead to a real data-driven transformation. Company leadership must
be heavily involved in the project, leading the change by inspiring people, setting targets, giving direction and making decisions. As they are the only ones with the scope of responsibility to do so on an organization-wide scale. 

HOW TO BEGIN?

First, explore and fully understand what drives your business, this is always the starting point. If you discover that:

 

  • you are unable to clearly link the cost of your data systems to the benefits that they bring to your business, or
  • you are unable to describe how your technology choices help you achieve your business goals

 

…your business would absolutely benefit from data strategy.


Your data will never be perfect. Instead of first questioning the type, quality and volume of the data your organization has, follow five logical steps to ensure that the data you have is deeply linked with your goals as a company.

1. Identify

Identify the business objectives

you want to achieve.

4. Create

Create a realistic plan that includes pragmatic investments, improvements and changes in technology, people, processes and organizational structure.


2. Explore

Explore how you can use data to achieve these objectives or boost your results.


5. Commit

Commit to achieving every step of the plan within a set timeframe.


3. Define

Define the gaps and challenges in your organization to reach your objectives. These can be skills, tools, processes & data.


MOVE TO THE EXPERIMENTAL ENTERPRISE

The enterprise architecture of the future is lightweight. It will rely on rich data insights to make decisions and to move quickly in order to respond to a dynamic, global business environment. As a result, traditional, outdated waterfall-style IT flows to design your applications and architecture just won’t cut it.

 

Becoming an ‘experimental enterprise’ means transforming the way you operate on a fundamental level. This means embracing agile approaches, laying the foundation for a ‘fail fast’ technology platform and, of course, investing in the right technologies – but don’t panic, it always starts on a small scale.

DATA STRATEGY KPI'S

Depending on where you stand on your roadmap, the impacts of your data strategy cover many domains, including:

 

  • Your business results, both top and bottom line
  • The quality of business decisions
  • Project outcomes
  • Teams and organizational structures
  • Skills and resources available
  • Capturing data and data storage
  • Data analytics
  • Communication and follow up

To define your KPIs, create a list of the metrics you need to keep track of in order to gauge how well your data strategy is working, and how to improve it. Review the metrics you are already tracking and identify the ones you need to keep and those that aren’t driving the right behavior.

In addition to tracking metrics, also track your organization’s data maturity level. Make sure you know where you are on your data strategy implementation roadmap. Measure the quality of your business decisions, and continuously evaluate and review your key metrics as well as your data strategy – it’s an iterative process.

A FEW TIPS ON METRICS

and how to approach them

  1.  Approach them both from the top down and the bottom up
  2.  Choose a handful at most, or you risk them losing their importance
  3.  Clearly assign responsibility and ownership of each metric
  4.  Communicate them with the wider team

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Start designing your Data Strategy right now