Data Strategy Essentials

"This is just the beginning of a new chapter at BNT, with miles to go before we sleep, and promises to keep." — Rohith Krishnamurthy: Chief of Operations and Data Strategy, BNT

In today’s digital age, data is the backbone of strategic decision-making. At Boston New Technology (BNT), our Data Strategy Team has developed a comprehensive approach to leveraging data effectively, ensuring that insights are actionable and impactful.

The Data Strategy Team was formed with the idea of utilizing the power of the vast amount of data available and to gather insights by strategically analyzing the data from BNT's social media platforms to begin with and other data sources like the website, and surveys to understand how we have performed in the past, and what we could do well now for a better tomorrow.

The initial few weeks were tough as we were all finding our ground and trying to understand the requirements and also to identify the best tools for the analysis and the approach towards the analysis.

Soon enough, with able guidance, we were able to make slow steady progress with more to come.

We have identified various tools which could automate this entire process and also new methods to handle the data cleaning, which is an essential step in any data analysis initiative.

We also had lots of brainstorming sessions and came across different viewpoints and strategies to approach this analysis project, where we have been learning a lot of new things every day, and are very thankful for the support from the leadership team.

This analysis endeavor has also brought to light the importance of working hand-in-hand with the marketing, website and event planning/organizing team and all the other departments at BNT.

Best Practices for Data Strategy

1. Establish Clear Objectives: The first step in a successful data strategy is to define clear, measurable goals. Whether it's increasing user engagement, improving customer retention, or optimizing operational efficiency, having well-defined objectives ensures that data collection and analysis are purposeful. Early-stage tech startups should identify key performance indicators (KPIs) that align with their business goals to maintain focus and direction.
2. Ensure Data Quality: High-quality data is critical. Implementing rigorous data governance policies helps maintain data integrity, accuracy, and consistency. This involves regular data audits, validation processes, and employing tools that detect and correct data anomalies. Startups should invest in data cleaning processes to ensure that their data is reliable and actionable.
3. Utilize Advanced Analytics: Leveraging advanced analytics and machine learning algorithms can uncover hidden patterns and trends within data. BNT's Data Strategy Team uses predictive analytics to forecast future trends and prescriptive analytics to recommend actionable steps based on data insights. Tech enthusiasts can explore open-source tools and platforms like Python, R, and TensorFlow to get started with advanced analytics.
4. Foster a Data-Driven Culture: Encouraging a data-driven culture within the organization is essential. This involves training employees to use data effectively in their roles, promoting data literacy, and ensuring that data-driven decision-making is embedded in the company’s DNA. Startups should prioritize data literacy programs and workshops to build a data-savvy team.
5. Data Integration: Integrating data from various sources (CRM, social media, website analytics) provides a holistic view of the business landscape. At BNT, we use data integration tools to combine disparate data sources into a unified system, enhancing our analytical capabilities. For startups, adopting cloud-based data integration solutions can streamline this process and reduce costs.
6. Prioritize Data Security: With increasing cyber threats, data security is paramount. Implementing robust security measures such as encryption, access controls, and regular security audits helps protect sensitive information and build trust with stakeholders. Startups should establish strong cybersecurity protocols from the outset to safeguard their data assets.
7. Continuous Improvement: Data strategies should be dynamic and adaptable. Regularly reviewing and refining the data strategy ensures that it evolves with changing business needs and technological advancements. Startups should establish feedback loops and performance review cycles to continuously improve their data practices.

"By adhering to these best practices, BNT’s Data Strategy Team ensures that data is not just collected but effectively leveraged to drive growth and innovation. This approach serves as a valuable guide for early-stage tech startups and data enthusiasts, providing a roadmap for making data-driven decisions that propel their ventures forward."- Steve Vilkas , Shweta Agrawal , Jason Kraus : BNT Leadership