GETTING STARTED AND GETTING IT RIGHT WITH DATA - A Practical Approach Blog

In today's data-driven world, organisations are increasingly looking to unlock the potential of their data. Many decision-makers feel there’s more value to be had from the data they already possess, but often aren’t sure how to move forward. Whether you're just starting your data journey or planning your next steps, the key to success lies in doing things right from the start. That’s exactly what we’ll explore in this blog post, inspired by a webinar hosted by Alexandru Catlan , a Manager and Data Engineer at Faptic Technology, and Anthony Hodson Hodson, a Product Manager with experience in Cloud Native Tooling and DevOps Software. See the four video series at https://faptic.com/mastering-data

1. PEOPLE, PROCESS, AND TECHNOLOGY – IN THAT ORDER

At the CDAO Data Conference in early 2024 a crucial takeaway highlighted by Niresh Rajah of Danske Bank, emphasises that while everyone is "doing data," most of us are still figuring it out. The guidance Niresh offered was simple but profound:

• Create a vision (with no full stop)
• Align Strategy to business goals
• Start with quick wins

Rather than focusing on the complexities of models and technical details, the conversations at the conference revolved around People, Process, and Technology, with people being the most critical element of successful data initiatives

2. SETTING A VISION

In any data initiative, vision is paramount. A clear and inspiring vision elevates data projects, making them part of the broader business strategy rather than an isolated endeavour. Shared examples of successful vision statements from companies like Google ("To provide access to the world's information in one click") and IBM ("To be the world’s most successful and important information technology company"). These visions were clear, aspirational, and integrated deeply into the companies’ operations. Contrast this with organisations that lacked a clear vision, which often resulted in fragmented efforts, low motivation, and inefficiency. Without a unified direction, data initiatives become mere tasks rather than strategic moves. Successful data transformations start with strong leadership and a compelling vision that aligns all stakeholders

3. CHOOSING A GOAL

Setting goals for your data projects can be tricky, especially when there is a disconnect between the goal and the actual measurable outcomes. Consider the importance of choosing leading indicators—metrics that can be directly impacted by your data initiative. For example, instead of setting a broad goal like "increase company revenue by 5%," a more tangible goal might be to "increase cart value on the website by 10%." Anthony, with his background in software engineering, also emphasised the importance of user stories that reflect clear benefits for either the users or the company. He shared an example: "As a user of a trading app, I want to invest in thematic companies, so I don’t have to research individual stocks." This type of goal focuses on user experience, making it easier to see how data can drive tangible outcomes.

4. BUILDING A TEAM

Once you’ve set your vision and goals, the next step is building the right team. The best problem solvers are often those who volunteer to help. They’re engaged, passionate, and ready to take ownership of their work. However, building a well-rounded team for long-term data strategies requires more than enthusiasm—it requires diversity in skills. Successful teams usually include data engineers, data scientists, business analysts, and IT support, all led by someone with a clear vision. But the absence of key players can create significant hurdles. For instance, without a strong data engineer, pipelines might fail, and without a skilled business analyst, the team might struggle to connect data insights to business needs. Ensuring team members have both the support and resources they need is essential for long-term success.

5. CHOOSING A DATA-DRIVEN PROJECT

A good data project starts with, well, data. Organisations often struggle because they either don’t have enough data or they lack clarity on how to leverage the data they do have. The recommendation is to focus on data-rich areas to avoid over-investing in platforms that aren’t yet viable. Projects like customer segmentation, churn analysis, and predictive maintenance are great starting points because they deliver measurable value and are data-heavy from the start. However, avoid diving into overly complex or speculative projects without first validating the data. Starting with a project that’s too ambitious or doesn’t have enough foundational data can lead to frustration and wasted resources

6. BUILDING A FOUNDATION

Early decisions often make or break the success of a data initiative. The marketplace is full of solutions that promise the world but fall short in critical areas. Using Tableau as an example, a popular tool for data visualisation but that has limitations, like the need for additional add-ons (e.g., Tableau Prep) to pivot data effectively. Organisations often overlook these hidden costs, which can lead to budget overruns and frustration. The key to avoiding these pitfalls is having a comprehensive data strategy and seeking out experienced professionals who can foresee potential challenges. Without this foresight, organisations might choose tools that don’t suit their specific needs, resulting in inefficiency and rework down the line.

7. BUILDING A PRACTICE AND SPREADING DATA LITERACY

Fostering a data-driven culture is about intentional and collaborative learning. There are several key activities that help extend the reach and value of a data practice:

8. BUILDING VELOCITY

Finally, once the foundation is built and the team is in place, organisations need to build velocity—the ability to move quickly and efficiently with data projects. One of the best ways to maintain momentum is through regular open demos and showcases of data projects, as seen in DevOps practices. The importance of lowering marginal costs by making the data platform accessible to non-technical users and integrating it with existing tools. This not only maximises the return on investment but also ensures that data becomes part of the organisation’s daily operations, rather than a side project

FINAL THOUGHTS

In conclusion, getting started and getting it right with data requires a clear vision, strategic goal-setting, the right team, and a commitment to continuous learning. By following these steps, your organisation can unlock the full potential of its data and create a data-driven culture that drives both short-term wins and long-term success. If you’re ready to start your data journey or take your current efforts to the next level, reach out to Faptic Technology for guidance. Our team of experts, including Alex and Anthony, is here to help you navigate the complexities of building a successful data practice.

View our the full Video series 'Mastering Data' at https://faptic.com/mastering-data ?

Follow us for more insight and series: https://www.dhirubhai.net/company/faptic-technology/

Visit us: https://faptic.com/

Contact us: https://faptic.com/contact-us

?