Introducing Data Strategy To Your Organization

Big data has become the buzzword of the last decade. Once organizations realized that it was not a fad, data teams grew like weeds in almost every industry. Virtually every business professional agrees that data is important, but it begs the question, how do we even begin to implement data into our business? How will it help my business? Does my line of business even need it?

These questions come from what I believe has been a major failing in the big data conversation. The questions come from a place of not fully understanding how data fits into the business objectives. The conversation has been around companies needing to become data-driven but very little is being said on what that even looks like. Where does one even begin? That is the place of the development of a data strategy. This article seeks to provide some clarity on the role of data strategy in achieving business objectives.

An organization develops its business strategy. It sets objectives it seeks to achieve over a given period. A few questions then arise in the execution of this strategy, how will we know that we are on track to achieve our objectives? How will we know that our customers resonate with this new direction we have chosen for our branding? How will we know this new marketing campaign is working? Do we have to wait for the quarterly or half-year financial results to find out? Absolutely not. Data strategies are designed on the foundation of the business strategy. It answers the questions aforementioned by answering a simple question in each instance; what could we track that would give us the quickest view that we are on track or not? How would we acquire this information? Where would this information be stored? What are the legal implications of storing such data? What metrics will we then track that would give us these insights?

Becoming a data-driven organization means exactly that, you are driven by data, not lead by it. You can be driven around in a car, but you must still stipulate where it is you want to go. Google maps let you know whether you have taken the wrong turn or not and how to reroute to get back on track, but it does not decide whether you are going to the right place. That is your role. Data is much the same, it can help you find the quickest route there, but it cannot tell you where there is. That is why an organization that seeks to invest in data it must be clear on its objectives. That clarity allows the development of an accurate data strategy on the data you would need to collect, store and analyze in order to know whether you are headed in the right direction.