Data Strategy

Put simply, a Data Strategy works to identify the people, practices and processes that are integral to support the use of data in a business capacity in support of commercial and strategic objectives and goals.

It helps organizations make sense of and find new ways to use their data to support their vision and mission. Whether that’s through evolving its current Data Capabilities, optimizing what’s already in existence, finding potential in data that’s underutilized or designing new processes that can implement strategic change through data.

To be effective, a Data Strategy has to line up with your business strategy. It should underpin, support and enrich your overall commercial goals and objectives, helping you use data to push you toward your desired business outcomes.

Why is a Data Strategy required?

Data is the lifeblood of companies, institutions, and governing bodies, but so many organizations lack an effective Data Strategy to support their employees and systems and to solve whatever challenges come their way. Becoming a truly data driven organization means looking to your data as the single point of truth for business decisions.

In essence, if the end goal is to deliver real value from data, every business that creates or uses any type of data needs a data strategy.

3 steps to delivering a Data Strategy

When it comes to the implementation of a Data Strategy, focus on three key areas: modernize, manage, and monetize. By tackling these three phases, you can transform your business into a Data Driven organization:

Modernize

Are your systems able to scale to accommodate your objectives? A strategic approach to choosing and implementing new systems – like enhanced storage such as a Data Lake or Lakehouse, or Cloud Architecture – will modernize the way you handle data so that you can continue to extract value from it.

Manage

Address how data should be managed within your business, taking into consideration the people, technologies and processes that are currently in place, and how they need to change to realize your goals.

Monetize

How will you convert your data sources into revenue for your business? This is the end goal and includes exciting innovations like Data Storytelling, Analytics, Insights and Artificial Intelligence.

The key elements of Data Strategy

Every organization’s strategy is unique to its needs and desired outcomes, but there are some core elements that can guide the process:

Lead with business outcomes

By aligning data and commercial objectives you will be able to deliver a strong business case for a Data Strategy rollout.

Leadership and buy-in

Clearly defined leadership is what makes strategy successful, as well as buy-in from key stakeholders across the business.

Data Quality

Ensures data is complete, accurate, reliable, timely and easily available. You will need to undertake or invest in data quality initiatives and tools to make it a success.

Data Governance

This is vital to making sure your data is handled correctly across your business and it’s an excellent first step to promoting data literacy across your organization.

Architecture 

Your strategy needs a robust architecture to support it. Cloud options give you the flexibility and scalability you need to underpin it as it evolves.

Technology and tools

Identify the tools you need to manage your data and deliver your objectives: your strategy should identify and steer the right tools to help you achieve your goals.

Outcomes and monetization 

The end goal of your strategy: the outcomes that turn your data into better management, insights, analysis, and revenue for your business.

Getting started on your journey: the Agile Approach

Agile Solutions work with organizations to determine their overall strategy, taking into account current capabilities, future vision, people, processes and technologies in order to implement a pragmatic, scalable and flexible approach.

Once we’ve aligned commercial objectives with your data, we’ll establish a long-term vision of what needs to be achieved. We map out a roadmap, which includes key deliverables at all stages of the journey and short-term objectives that deliver value right from the very start.

We provide the steps and consultative services you need to turn your vision into a reality. Creating timelines and a roadmap for different aspects of implementation that ensure that no critical steps are missed. This helps break down broad-reaching goals into achievable phases and delivery.

Whether you are in the process of rolling out your strategy or starting from scratch, Agile Solutions can help you at every stage of your journey: from ideation and planning to tool selection and implementation. Tell us about your business challenges and we will help you roadmap a course to success: book your discovery call.