Building a Data Strategy that Accelerates the Business — a PoV

As we all are hearing for quite number of years that Data is the new Oil, and now it has become more of an old Oil. But Jokes apart, Data is the driving factor for Analytics, AI and business innovation. So, it is key to Build a Data strategy that drives, accelerates the business. An organized comprehensive well-planned approach that aligns with an organization’s goals and objectives is the key.

In this quick read, will try to give guidance in developing a comprehensive step by step data strategy.

Key Steps:

Identify business goals and objectives: The first step in building a data strategy is to identify the company’s business goals and objectives. This helps to understand the areas where data can have the most significant impact

Assess existing data capabilities: Evaluate the company’s existing data capabilities, including data infrastructure, data quality, data governance, and analytics capabilities. Identify any gaps or areas for improvement that need to be addressed.

Define data governance: Develop a data governance framework to ensure that the data is accurate, complete, and consistent across the organization. This framework should define data ownership, data quality standards, and data security protocols.

Determine data sources: Identify all potential data sources, including internal and external data sources, to support the company’s goals and objectives. This could include customer data, financial data, operational data, and market data.

Develop a data architecture: Create a data architecture that defines how data will be stored, managed, exchanged and integrated across the organization. This architecture should include data storage systems, data processing tools, and data integration methods.

Implement analytics tools: Implement analytics tools to support data-driven decision-making across the organization. These tools could include business intelligence tools, data visualization tools, and predictive analytics tools.

Build a data-driven culture: Develop a data-driven culture by providing training and resources to employees on how to access, analyze, and use data to make better business decisions.

Monitor and measure success: Define metrics to measure the success of the data strategy and regularly monitor and report on progress. This will help you to identify any areas for improvement and ensure that the data strategy continues to support the company’s goals and objectives.

Tools and Technologies to build Data strategy

There are various tools and technologies that can help build the best data strategy for a business.

Data Analytics and Visualization Tools: These tools are essential for analyzing and interpreting data to uncover insights and opportunities. Popular analytics and visualization tools include Tableau, Power BI, and Google Analytics.

Cloud Computing Platforms: Cloud computing platforms like AWS, Google Cloud Platform, and Microsoft Azure provide a scalable and cost-effective infrastructure for storing and processing data.

Data Integration Tools: These tools help to consolidate and integrate data from various sources, such as CRM systems, social media platforms, and internal databases. Some popular data integration tools include Talend, Informatica, and MuleSoft.

Data Quality Management Tools: These tools help to ensure the accuracy and consistency of data by identifying and correcting errors and inconsistencies. Some popular data quality management tools include Trifacta, Dataiku, and Talend.

Data Governance Tools: These tools help to ensure that data is managed effectively and compliant with regulations and company policies. Some popular data governance tools include Collibra, Alation, and Informatica.

Artificial Intelligence and Machine Learning Tools: These tools can help to automate processes, predict future trends and outcomes, and uncover patterns in large datasets. Popular AI and machine learning tools include Google AI Platform, IBM Watson, and Amazon SageMaker.

Business Intelligence Tools: These tools provide insights into key business metrics, trends, and performance indicators, such as revenue, sales, and customer satisfaction. Popular business intelligence tools include Domo, Looker, and SAP BusinessObjects.

Connect data to business growth goals

Connecting data to business growth goals is critical to building a successful data strategy.

Define Key Performance Indicators (KPIs): Define KPIs that align with the business growth goals. These KPIs should be measurable, specific, and tied to specific business outcomes.

Identify Data Sources: Identify the data sources that are needed to track and measure the identified KPIs. These data sources could include customer data, financial data, operational data, and market data.

Analyze Data: Use data analytics tools to analyze the data and uncover insights into customer behavior, market trends, and operational efficiency. Use these insights to make data-driven decisions that support the business growth goals.

Set Targets: Set targets for each KPI and track progress towards those targets using data visualization and reporting tools. This will help to ensure that the data is being used to drive the business towards its growth goals.

Iterate and Improve: Continuously iterate and improve the data strategy based on the insights and outcomes that are generated from the data. This will help to ensure that the data strategy is aligned with the business growth goals and that the business is making progress towards achieving those goals.

Overall, building a data strategy that accelerates the business requires a thoughtful and strategic approach that considers the company’s goals and objectives, existing data capabilities, and available data sources. It’s important to evaluate different tools and choose the ones that best align with the company’s objectives and can effectively support the data strategy. By defining KPIs, identifying data sources, analyzing data, setting targets, and continuously iterating and improving the data strategy, businesses can leverage data to achieve their growth goals and drive success.

Originally published at https://www.linkedin.com.