Let’s rewind and consider the two elements that every company has in common: decision making and decision execution. To win, a company needs to be able to make better decisions than their competitors and execute them smoothly. That’s where data comes into play. Having the right data strategy supports your decision making and execution to give your company the edge over your competitors.
What is data strategy?
So, what is a data strategy? Simply put, it aligns your data and analytics investments with your business strategy. This translates to a roadmap and procedures for daily data and analytics execution, plus clear and tangible metrics to measure your success. Every data strategy will vary as it is dependent on your company’s current situation, business strategy, and future ambitions.
Why do you need a data strategy?
Aligning your business strategy and your data and analytics strategy can benefit your company in multiple ways:
- Focus your data efforts to the places where they matter most
- Make data-driven business decisions
- Understand customers and trends
- Deliver smarter products and services
- Monetise data
It all comes down to defining strategic data use cases and having the right people, organisation, processes, data, and technology to achieve them.
How can you implement a data strategy?
It might sound simple, but the first step is to clearly identify your business strategy as this is the basis of everything that follows, including your data and analytics strategy. If you don’t have a clearly identified business strategy, our experts are here to help with templates and a framework to get you moving in the right direction.
Once you and the business leadership are clear on your expectations and ambitions for your data and analytics strategy, you need to define the strategic use cases, linking them back to your strategic business uses cases.
Some other key aspects that we tackle in our framework are objective setting, measuring success, ownership, process, and data. These aspects are translated into a working roadmap and procedures to deliver business success, strategic data use case after use case.
How can Cubis help you with a data strategy?
Cubis helps you from start to finish. Our experts guide your company to put a framework in place to align everyone on the importance of data and analytics investments and how these investments help your company reach your strategic goals.