You can’t build a game changing, P&L and strategy driving analytics team/capability without good data. It is the backbone of any legitimate data science or analytics initiative.
Doug Laney and I teed off on this topic. This video will give executives an overview on why managing your data as an asset is essential for realizing the financial potential hidden in your data.
The Question: Besides good data, what else do you need to create a solid data and analytics strategy?
• Define your strategy. First comes the WHAT, then comes the HOW, and finally comes the tech. Don't lead with tech and try to work backwards.
• WHAT: What are you trying to become? How can data and analytics help you get there?
• HOW: What does the org structure need to look like? What kind of metrics should we set up? How do we manage the data lifecycle and govern data? What is our process for converting data from a raw material into a finished good. What are you going to do differently to leverage the insights generated?
• TECH: Once you determine all of the above THEN you can move to the technology. Far too often companies start with the technology, making it difficult to realize the value of those investments and data as there is no overarching strategy.
• Look at data outside your 4 walls. Some of the most valuable data for strategic decision making will come outside your 4 walls. Combine your information with external data sources for maximum impact. Many of these data sources are free. You just have to go get them.
• Managing data is not glamorous, but it is essential to analytics success.
• Any smart business will put resources and money towards maintaining their assets. Data should be no different.
The Power Of External Data
I’ll emphasize it again: look at how you can use outside data to get better and deeper insights across many different areas of your business.
Doug and I can both vouch that external data can be some of the most valuable for 1) enhancing your internal data and 2) developing new strategic insights.
A core question you need to be able to answer: Who in your organization is identifying what external data exists or could be valuable to you?
This "data curator" role could end up being one of your most important strategic assets and competitive advantages over both the short and long term. Information is power after all.
I created Strategy Titan because I saw the real strategic and business value in these external data sources. Do your due diligence around what external data sources are available to help your business grow. Looking for some help doing this? Reach out to us.
Data curation is an area we specialize in. We have curated many of these high value, business relevant data sets for our Business Titan solution.
We regularly deploy Business Titan data in the solutions we build for market sizing, market intelligence, industry insights, labor intelligence, and numerous other strategic insight initiatives we build for customers.
Be sure to check out all the videos from our “Data & Analytics in the Boardroom: Raising Your Digital Quotient” series.