When a strategy is in place to guide how data is collected, stored, shared, and managed, businesses can accelerate towards their goals of becoming more agile, more competitive, and more profitable.
If decisions concerning data are left to chance, organizations incur a wide array of risks, including data becoming duplicated or out-of-date, efforts being wasted as reports and queries are repeatedly created from scratch, and even unintentional violations of regulatory requirements such as data privacy laws. But when an effective data strategy is guiding the way,
• The business can build and maintain a reliable source of truth.
• Decision makers can have access to actionable insights when they need them.
• Data can reach its full potential as a strategic asset that enables accurate reporting, powers AI and machine learning, uncovers new opportunities, and much more.
Every data strategy starts with the organization’s overall business strategy. We work with our clients to determine how data can help them achieve their strategic objectives, then we build a strategy for bridging the gap between where their data ecosystem is today and where it needs to be to support their goals.
From there we move into our four-step process for designing an effective data strategy:
• Review strategic business goals.
• Designate opportunities where data can support achievement of business goals.
• Assess current data sources and flows.
• Analyze current data reporting and utilization.
• Capture current reporting and analytics capabilities.
• Determine desired future-state of data architecture and processes.
• Obtain buy-in from key stakeholders.
• Identify required measures for achieving future state.
• Prioritize measures as short term, medium term, and long term.
• Define reporting and analytics tools recommendations
• Create governance plan for ensuing ongoing alignment with strategic plan.
We’re bringing together our analytics leadership team to discuss the top questions they hear from business leaders every day, the places where teams are most likely to get bogged down, and the strategies that high-achieving data consumers leverage when they’re building their data ecosystems.
Watch the panel