26 Mar Providing Real Business Value Through a Data Strategy
A properly devised and actionable data strategy will result in considerable business benefits – enhanced business insight for decision making, the mitigation of compliance and reputation risk, identifying fraud and strengthening transactional due diligence.
A strategy is only as good as its ability to be executed – and this is particularly pertinent when it comes to articulating a strategy around data. Without alignment to clear business objectives and prioritised actionable initiatives, the data strategy will be of little value.
Equally there needs to be an understanding of the political issues that often arise when forming new strategies – especially within the realm of data. Concepts such as ‘managing data as an asset’ and ‘data ownership’ are riddled with ambiguity and require a pragmatic and fit-for-purpose approach.
Strategic initiatives to effectively protect, manage and leverage your data are most effectively implemented using a phased approach. Begin with smaller, coordinated projects that build to a complete solution over time. The strategy should be equally concerned with organisational culture, people and process change as it is with technology enablement.
Our team has helped large organisations develop business focused and pragmatic data strategies for more than 25 years.
Michael Power | 26 March 2020