03.20.2023 Executive Data Bytes – Changing Your Business Outcomes With A Profitable Data Strategy

03.20.2023 Executive Data Bytes – Changing Your Business Outcomes With A Profitable Data Strategy

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, let's delve into Data Strategy and how it affects your business outcomes.

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Focus piece: “7 Elements Of A Data Strategy

Executive Summary

A data strategy is a long-term guiding plan that defines the people, processes, and technology required to solve data challenges and support business goals. Data strategy is all about making effective use of data to drive important business decisions. Analytics8's article explains the elements and components of a successful data strategy.

Key Takeaways

  • A data strategy's goal is to answer the question of how the entire organization can leverage data to support business decisions, and to create a plan that weaves the roles of people, processes, and technology to make the plan a reality.
  • No data strategy will succeed without executive support, so management must be involved in the organization's data strategy from the start if it is to produce the expected results.
  • Focus on tools that enable your employees to be more data driven when developing your data strategy. You can also consider your company's technology stack and select tools that are compatible with it. This will facilitate and accelerate adoption throughout the organization.
  • Data is important, but people are even more so. It is just as important to get your people right as it is to get your data right. To that end, concentrate on team building by selecting your operating model and determining the team structures and roles required to meet your goals and objectives.
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Focus piece: “What is Data Strategy & How To Build One + Examples

Executive Summary

A clear data strategy is required for your organization's data investments to pay off. A strategy that provides the organization with a clear sense of direction and the potential benefits or outcomes of going in this proposed direction. Zeotap's article explains what a data strategy is and how to create one with examples.

Key Takeaways

  • Data strategies make data valuable. Employees and executives can understand the importance of data by implementing a data strategy and learning how to use, manage, and share it with the help of experts.
  • We've had more data in the world than ever before in the last few years. This makes data strategy even more important because it enables businesses to understand how to handle massive amounts of data for business transactions.
  • Data strategies help to avoid data silos. Data silos have been a major setback for most businesses' data strategies. Data silos prevent data from being unavailable or, at best, only available in fragmented form to employees. As a result, the right people are unable to obtain the data they require.
  • Data strategies address company-wide data issues. Instead of providing short-term solutions to data-related issues, a data strategy allows businesses to think long term and act in accordance with the process or strategy in place.
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Focus piece: “How To Build A Data Strategy” 

Executive Summary

In this day and age, data is a tremendous asset, and developing a data strategy to effectively maximize its potential is critical. Lotame explains how to build a data strategy in this article by first explaining the importance of data strategy, then principles to follow, and finally itemized steps on how to successfully implement a data strategy.

Key Takeaways

  • Integrating data and eliminating data silos are two principles to keep in mind as you implement your data strategy. This makes data more accessible to employees, allowing them to obtain data more efficiently and enabling new data-driven projects.
  • Another important principle to remember is that the company should make it simple to collect and share streaming data. Implementing an efficient process to allow for seamless data collection will allow for more effective data collection in the future, resulting in much higher quality data.
  • Setting short and long-term goals increases the likelihood that your data strategy will succeed. Data strategy goals give employees and the organization as a whole something to look forward to when it comes to handling, managing, and using data throughout the organization.
  • Make data actionable as soon as it arrives. Raw data has enormous potential, but it will not get the organization very far. As a result, data engineers who design data pipelines must ensure that data is transformed into useful insights as soon as it enters the pipeline.

Let's talk business!

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Data Products partners with organizations to deliver deep expertise in data science, data strategy, data literacy, machine learning, artificial intelligence, and analytics. Our focus is on educating clients on varying aspects of data and modern technology, building up analytics skills, data competencies, and optimization of their business operations.

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