Data strategy follows on from core business strategy and acts as an enabler for success, a well crafted strategy can unlock millions in value for your organization.
A good data strategy starts with business goals. Therefore, the first step in the development of your organization’s data strategy is to consider what are your strategic priorities, key business questions and business objectives.
The priorities you list will have data needs and these form your data use cases for your immediate strategy. We advise to focus on 3-5 use cases to ensure that you stay focused on creating value.
Focus on Results
Large scale strategic data priorities can take time to implement and deliver their value to the organization. They can also be complicated to implement across multiple departments in the organization. One way to counter this is to target some quick wins first. By this we mean fast and relatively inexpensive ways of delivering value from data and thus demonstrating the return on internal data (ROID).
Think about what data you need and where it will come from. This could include:
- Structured or unstructured data, ideally it will be a mix of the two
- Is the data you already have enough? Or does it need to be supplemented with external data like social media, partner data or other?
- Do you already have data? Can you access it easily?
- If not you’ll need to set up a way to do it. What collection method can you use?
Data can provide a lot of value to your organisation but it can also be a liability if not properly managed. Data governance is all about thinking about data quality, data security, privacy and ownership issues, transparency and ethical data use. Key considerations include:
- Who is responsible for the data through its lifecycle?
- If your data source is external, what happens if you lose access?
- Who is permitted to see and use the data?
- How do you protect data but ensure it creates value for the organization?
To learn more about our Governance Consulting services click below.
Once you are clear on what data you want and how you want to use it you will need to choose your technology stack. This is likely to be a combination of hardware and software for:
- Collecting data
- Organizing and storage
- Process/Analyzing for insights (including Machine Learning or AI)
- Communicating insights to stakeholders through reports and visualizations
One of the main things that stops organizations getting maximum value from their data is the lack of skills and knowledge. Data Scientists can be rare and sometimes expensive. A critical part of strategy development is asking yourself:
- Do you have the skills in house for your data needs?
- If not, can you train staff or will you need to hire?
- Are your data needs for project work or for ongoing operational needs?
Your leadership team will also need to be an important part of your strategy. Data projects often touch many parts of the business and so getting buy in is critical. Your leadership can help to show the business how data, knowledge and insight can power business growth and reduce risks.
You might not need a data analyst full time which is why we offer our Data Analysts as a Service. Click here to read more.
Implementation, Change Management & Project Management
Now that you have planned your strategy it is time to deliver it. The final step of your strategy is to plan you implementation.
- How will you implement the plan?
- Who will manage the plan?
- What activities need to take place?
- What resources are required?
- What are the milestones?
Mekong Big Data’s project implementation teams are perfect for helping your business through this process.