Businesses face multiple challenges when it comes to shaping their data strategy in the digital age. Choosing the right data, tools and technologies, hiring the right talent, handling analytics, building models that predict outcomes are some of them. Transformation of the business operations based on analytics and insights is the other major challenge facing organisations. What we mean here is ‘the ability to act on data’ as opposed to the ‘inability to act on data.’
Realities of digital age
Data which was historically easy to collect and process is now complex, unstructured and indeed, quite a lot in quantity as well. The huge influx of raw data from smart technologies, social media, videos and multiple other channels contain insights that are actionable. These insights further shape targeted strategies and informed decisions for businesses.
But, the question is whether the organisation is indeed ‘able to act on data?’ Does the culture, the available technology as well as other capabilities permit and enable appropriate action?
Regardless of where an organisation stands in their digital age journey, the first step for any organisation pursuing a digital age data strategy is to acknowledge and accept its position on a scale that measures their ‘ability to act on data’ as well as ‘inability to act on data’.
Once there is an honest introspection and acceptance of this reality, it is then a question of what needs to be done as the ‘next best action.’
Whether you are a CEO, COO, CDO or indeed a member of your company’s board, this honest introspection will certainly create opportunities which were previously not visible. This is sufficient clarity needed to empower the ‘datapreneurs’ of the organisation.
Datapreneurs shape data strategy
Datapreneurs by design pursue ‘enterprise value’. There is indeed no time for petty politics and energy drains, that most large organisations suffer with. Empowered datapreneurs positively energise the organisations. This in turn creates a ‘winning’ mindset within the wider organisation.
When this energy collides with data – magic happens!
Decisions are made more often, timing of those decisions would be just right and more importantly the reasons for the decisions would be in pursuit of value that is indeed for the betterment of the business eco-system the organisation operates in whether this is just seen as the enterprise as a whole or indeed the whole world.
Three visible signs that your data strategy is working
A winning data strategy manifests in many ways. Here are three obvious ones:
• Commoditising the technology infrastructure – There is evidence that your investments are being utilised in the right manner at scale.
• Industrialising data integration – Efficiencies are pursued ruthlessly, sweating every dollar and every byte of available data.
• Pervading reporting, analytics, and visualisation throughout the organisation – A culture that lives and breathes on data.
This is evidence that the combination of people, processes and technologies are in harmony creating value for the purpose of the enterprise.
With out a sound data strategy – there is a plethora of activities, maddening rush of just doing work for the sake of work and more importantly, there is a gross neglect of creating value for the shareholders, customer and other partners in the eco-system. Would you want your organisation without a sound data strategy?