Why Does Every Company Need A Data Strategy For 2019?

Why Does Every Company Need A Data Strategy For 2019?

Data matters to any company, regardless of size, sector or type. In fact, data is one of your biggest business assets, alongside your products, services, intellectual property, and people. But to get the most out of data, it’s vital you have a data strategy in place. Focusing your data efforts where it matters most Technology is developing so fast these days, many businesses – particularly smaller and mid-sized companies – feel like they’re struggling to keep up. Sometimes, this leads the company to dive eagerly into new data opportunities, investing in new technologies and fancy analytics that aren’t right for their business. And sometimes, it leads to inaction, or a compulsion to bury heads in the sand and ignore the data revolution . Either way, these businesses don’t fully realize the possibilities of data. That’s why you need a data strategy , to set out how you want to use data in practice, clarify your top data priorities, and chart a course for reaching your goals – including what kind of data you need, where you’ll source that data, how you’ll store and analyze the data, and so on. The data strategy helps you drill down to your core business needs and create an achievable plan for the future. Relating your data strategy to your business strategy Creating a data strategy isn’t a standalone activity; it must be driven by your overarching business strategy. Therefore, a critical starting point for any data strategy is the business’s strategic objectives. To put it another way, what is your business trying to achieve and how can data help you get there? After all, what’s the point of a data strategy – indeed, what’s the point of data in general – if it doesn’t help you achieve your organizational goals? So before you charge ahead to your data strategy, review your business strategy first and then develop your data strategy (here is how you develop a data strategy , including a data strategy template ). How to use data in your business So how can data help you achieve your organizational objectives and deliver your business strategy? There are five key ways businesses are using data: · To inform decision making · To understand customers and trends · To provide smarter services and products · To improve internal operations · To create additional revenue Let’s look at each area in turn. Making data-driven business decisions Improving decision making is one of the top priorities for most of the clients I work with. And with good reason – from developing new products to increasing revenue to hiring the right talent, it’s all about making the best decisions for your business. And what fuels better decision making? Data. Data can be used to help every business function, department and team make better decisions. For example, in HR, data is being used to calculate the likelihood of employees leaving the company, which helps HR and managers better engage key talent and reduce employee turnover. Here’s a […]

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