Data is a valuable asset for any organization. It can help businesses make better decisions, increase efficiency, and drive revenue growth. But without a solid data strategy in place, organizations may find themselves struggling to fully leverage their data assets.
In a recent Harvard Business Review article, the author argues, “It’s harder to tell the difference between a modest success and excellence. . . . After several years, though, an excellent strategy will yield orders of magnitude more valuable results.”
In this blog post, we discuss five tips for a successful data strategy that will help your organization stay ahead of the competition.
- Focus on business value and revenue generation. An excellent data strategy should go beyond just improving efficiency and performance. It should also generate new revenue and create entirely new business opportunities. When evaluating potential data projects, consider how they will drive business value and revenue growth.
- Bring together a diverse team of experts. Crafting a data strategy requires input from data experts, technology leaders, and business and subject-matter experts. A diverse team with different perspectives and skills will help ensure that all aspects of the strategy are considered and that the strategy is aligned with the organization’s goals.
- Centralize technology investment and coordinate defaults for the architecture of data applications. An excellent data strategy includes a well-coordinated organizational core. It’s built on a centralized technology investment and well-selected and coordinated defaults for the architecture of data applications. This centralization of defaults allows for each application to make different decisions while maintaining maximum compatibility across the organization and flexibility over time by default.
- Be specific in the short term and flexible in the long term. We know quite a lot about what the machine learning capabilities of tomorrow look like, but less about what the capabilities of next year will look like. Organizations that engage in five-year planning cycles will miss out on the unique advantages of an excellent data strategy. It is important to have a clear vision and specific short-term and flexible long-term goals.
- Engage in long-term planning cycles. The business landscape is constantly changing, leading to new competition and new opportunities. Organizations must be prepared to adapt to these changes and be willing to engage in long-term planning cycles. This will help ensure that the organization’s data strategy stays relevant and effective over time.
A successful data strategy is one that focuses on business value and revenue generation, brings together a diverse team of experts, centralizes technology investment, has specific short-term and flexible long-term goals, and engages in long-term planning cycles. By following these tips, your organization can fully leverage its data assets and stay ahead of the competition.