2X Founder & Chief Decision Scientist | TEDx Speaker | Contributor to MIT SMR & Forbes | B-School Adjunct Prof. | C-Suite Advisor
Executing #datascience projects without defining your data & analytics #strategy is like going on a marathon hike without picking a destination ?? McKinsey says that just 30% of organizations align their analytics strategy with their corporate strategy. It is tempting to rush in and execute. Take a step back, reflect, and define how #data will help achieve your #business vision. There are several elements that make up a good data and #analytics strategy. What factors do you think are important?
Well, agree on your point Ganes ! Taking the example you mentioned on the importance of choosing a destination in a marathon, also one should make a decision on how much of the marathon you are competent enough to run ahead (Eg. 0km, 10km, 25km, 50km) without comparing with your peer's potentials. Organizations should define thorough strategies on what are their market offerings, risk potentials, data or decision needs to implement thorough analytics platforms. Not all eggs fit in the same basket, similarly only setting up 'data and analytics' platforms cannot fit your strategy & vision purpose at all times, hence relying on 'decision sciences' can produce better results for your organization's calibration.
I would say a bold and inspiring vision to understand the WHY, practicable first steps to demonstrate WHAT is possible and the willigness and capacity to learn fast and to improve your understanding HOW challenges - that will definitly apear on the way forward - can be tackled, are important factors.
Educating stakeholders to be data-literate greatly helps in setting the ball rolling. This also helps set expectations on what is possible with the data we have and helps get their buy-in to invest in data quality improvement.
Data Scientist @ Expedia | Doctoral Degree Candidate | AWS Certified Machine Learning - Specialty | Microsoft Certified Azure Data Scientist Associate
4 年A good Data & Analytics strategy should first target the easy wins to demonstrate the capability and benefits of data & analytics to stakeholders and win their confidence.