Latitude's Aspiration Model

Have you identified what your aspiration is regarding data?

Terms such as maturity are often used when talking about the level of complexity in how data analytics is implemented in an organization. But given that being mature in a human sense of the word, in the end, means being true to yourself and taking responsibility. This is all without making too many comparisons or implying a difference in value.?

Often seen that the use of data within an organization is seen as a cost center and either has little attention or has no clear goal at all. Without an aspiration, it’s hard to know where to start and where to work towards.

The real question should be: What do you aspire to achieve with data?

At Latitude we see things differently, we believe that data can become a profit center when applied in the right way and with a clear aspiration in mind. We have identified three main stages in terms of the position of data in an organizations strategy:

1. Data not integrated into business strategy

This is a common phase where organizations are at the moment. What is seen is that no to limited analytics is happening at these organizations. This can lead to hidden costs or missed revenue. The first step here is to start with creating insights and a view of how the organization performs and its drivers.?

2. Data as an amplifier of business strategy

There is a business strategy in place and an idea of how data can serve as an amplifier to reach the goals of that business strategy. Still, this is a reactive approach in your strategy where often data is seen as a cost center in terms of solutions and required infrastructure.

3. Data as a business driver or innovator

When data drives your business it can become a profit center and even drive innovation in terms of new business models or propositions. This means being ahead of the game and seeing data as a strength for your organization as well as treating data as a product.?

At Latitude, we have developed a proven framework that applies to these three phases.

Are you ready to turn data into a profit center? Reach out to us to discuss the possibilities.