A Practical Guide to your Data Strategy
My last blog suggested Change Big and drive your data-driven transformation for new types of innovation and creativity like:
- Accelerate predictive modelling, machine learning, and data mining: Making faster, better decisions that execute business strategy
- Automate manual processes: Digitize information to streamline end-to-end business processes
- Improve business agility: Allowing the business to pivot fast in response to change
- Become a customer-centric company: Using data for creating differentiated experiences for customers
- Seize new opportunities: Transforming existing business models to keep from being disrupted and exploiting new technologies
These types of data-driven digital transformation needs a plan, but before you create a plan, you need a strategy. Fortunately, a practical guide to driving data-driven changes has been released with this Data Strategy Playbook. Graeme Thompson, Informatica’s SVP and CIO, lays out a simple truth about driving these kinds of changes, “Data’s ubiquity and versatility create a challenge: No enterprise can do everything at once.”
To follow this advice, you need to make some decisions; what should you do first, second, and so-one; should IT or selected business functions champion the changes; what stakeholder partners need to be committed and aligned? To add more decisions that need attention, each stakeholder will have his or her own agenda. But the chances that all of the individual priorities add up to an optimized program to deliver the CEO’s business strategy are close to zero. “It’s important to engage each stakeholder in the process, ” says Monsanto CIO Jim Swanson. “Help them to think beyond their silo and to look horizontally as well.”
The Data Strategy Playbook is a 50-page book which is a perfect size for a typical airline trip. The topics are right-on with practical advice for:
- What is a data strategy and why do you need one now?
- Starting the data strategy discussion: A collaborative approach
- Scoping your first data strategies to find your first wins
- Conducting a gap analysis to identify action areas
- Data governance across the enterprise
- Building on your successes, keeping the momentum
- Lessons learned
Throughout the Playbook you’ll find advice tidbits like this one for choosing your data strategy initiatives by “departmental” or “capability”.
I’ll stop this Blog now and leave it to you to read the Data Strategy Playbook – maybe on your next flight!