A data strategy is only as good as the business strategy that it supports – data serves the business, not the other way around. So a clear business strategy is a prerequisite for a good data strategy. However, data does open up business opportunities that may not be immediately obvious to non-data specialists, and it’s not always clear how data can assist in achieving key business objectives.
Many organizations have responded to this ambiguity by investing in capturing and storing oodles of data, and then hiring the smartest data scientists they can find in the hope that they will discover gold in the data. Needless to say, this isn’t a very effective strategy.
Our approach to creating an effective data strategy looks at the problem from both ends: We will work with your senior business leaders and data stakeholders to understand their objectives and how data can support them, and we will assess the range and quality of data that is available to identify key opportunities for your business that you may have missed. We’ll deliver an actionable strategy and framework for execution, focused on the following areas:
Data Maturity Assessment: Benchmarking your organization’s data maturity against best practices in your sector and your peers within your industry, and identifying key next steps for evolving your data maturity.
Data Quality & Availability Audit: Analyzing the current state of your data – its completeness, quality, connectedness/fragmentation and usability, together with key recommendations to improve across these areas to raise the general utility and quality of your data.
Opportunity mapping: Identification of key unexplored data opportunities that will drive value for your business, together with a summary of the necessary investments to take advantage of those opportunities.
Key use-case development: Development of key data use-cases that support your organization’s business objectives, together with clear and measurable success metrics, and creation of execution approaches to use your data to achieve these objectives.
Skills/organization gap analysis: Identification of key organizational or human resource blockers that will need to be addressed to execute on the data strategy, such as a lack of data engineering or analytics talent, or a fragmented organizational approach.
For more information about this service, contact us.