Data thought leadership into practice
Let us first rewind what “running a business” really means. For any business the following holds true: “A business is ran by making and executing decisions”. These 2 words “Decision Making” and “Decision Execution” here are crucial. This is where data comes into play. For organizations to win they need to make better decisions than their competitors and being able to shine in the execution of them. Having the right data strategy can give your organization the edge over your competitors by better decision making and execution.
What is data strategy
Let us make it clear & demystify this. Data Strategy is aligning your data & analytics investments with your business strategy. This translates to an actual roadmap and a modus operandi for day to day data & analytics execution. Data strategy needs to have clear & tangible metrics to measure success.
Let us also mention that no 2 data strategies are alike. This is really dependent on the ambition you are trying to reach. It is from an uttermost importance that the business leadership and the data & analytics leadership are aligned to get the best results. Let’s demonstrate this with an example.
Let’s say your goal as an organization is to win your market based upon good service & extreme customer centricity. What should you do? Logically, have at least a good 360 degree view on your customer and have the supporting data & analytics architecture to deliver this.
Why data strategy?
Have you ever felt that your data & analytics initiatives where more hit & miss initiatives? That you did not get the right appraisal & sponsorship for data & analytics initiatives? Maybe it is because it can be done better!
By aligning business success to data & analytics success. Having a clear data & analytics strategy is here the recipe to success.Have you ever felt that your data & analytics initiatives where more hit & miss initiatives? That you did not get the right appraisal & sponsorship for data & analytics initiatives? Maybe it is because it can be done better! By aligning business success to data & analytics success.
Having a clear data & analytics strategy is here the recipe to success.A few key benefits in a row of having a data strategy:
- Focus your data efforts where it matters most• Relating your data strategy to your business strategy
- Making data-driven business decisions
- Understanding customers & trends
- Delivering smarter products & services
- Monetizing data
It’s all about defining the strategic data use cases and having the right people & organization, processes, data & technology to achieve these strategic data use cases.
How to start with a data strategy?
This sounds so trivial, however this is the most important part. Listen carefully: “Understand what your business strategy is to win it.”. If your organization is not clear on their own business strategy, how can you expect to be clear on a data & analytics strategy.
If the business strategy for you as a data & analytics leader is not clear than it is time to sit together with your business leadership to define their expectations from data & analytics. How do you do this? Luckily we have our own templates and framework to quick-start your endeavor and act as guardrails.
Secondly if you and the business leadership are clear on the expectations & ambitions from your data & analytics organization you need to define the strategic use cases who links back to your strategic business cases.
Some other key aspects we tackle in our framework are: objective setting, measuring success, ownership, process, data, … From there on we translate this into a working roadmap & modus operandi to deliver business success, strategic data use case after use case.
How can Lytix help me with a data strategy?
From start to finish. We help with guidance & having a framework in place to guide your organization through from business leadership till coders to have everyone aligned on why data & analytics investments are so important and how you are going to reach these strategical goals.
Data Strategy can get you the most of all your data & analytics investments. It ensures alignment of investments with the business strategy. Data strategy therefore is a domain that spans all your data & analytics activities. Going from goal-setting to actual implementation of the bits and bytes. It is the orchestration of people & organization, processes, data & technology to deliver business success from your data & analytics investments..
Does this sound interesting to you? Leave your details below and get in touch so we can share you our data storytelling quick starter!