An effective data strategy empowers an enterprise to make technology choices aligned with business priorities to get the most value from its data. Our team of business leaders with deep experience in the data science domain can help you at every step of the way.
WHAT IS A DATA STRATEGY?
A modern data strategy is a roadmap toward 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 enterprise to achieve its strategic ambitions.
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 ONE?
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
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.
Identify the business objectives
you want to achieve.
Create a realistic plan that includes pragmatic investments, improvements and changes in technology, people, processes and organizational structure
Explore how you can use data to achieve these objectives or boost your results.
Commit to achieving every step of the plan within a set timeframe.
Define the gaps and challenges in your organization to reach your objectives. These can be skills, tools, processes & data
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
teams and organizational structures
skills and resources available
capturing data and data storage
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.