Data Strategy
Data strategy is so much more…
Data strategy is so much more than just an exercise conducted by data scientists and engineers. It’s actually a strategic business opportunity that requires both business expertise and technical savviness. Data strategy can influence (and disrupt) business models to become a competitive advantage. Many companies that have jumped directly into making use of data without having a well-formulated data strategy are struggling to prove the expected business value coming from their respective data and analytics efforts. Other companies are facing challenges shaping their enterprise data strategy.
It’s mission-critical for companies to embrace the Data strategy in order to ensure that knowledge is leveraged across the organization. Eventually, data strategy will be the business strategy. Yes, data strategy focuses on using data and technology to improve, disrupt, and reimagine business. But, data and analytics are becoming more pervasive than ever, and only if based on a good data strategy and well adopted by the business, companies can become data-driven.
That is why Agnicio has developed a Data Strategy service that is based on proven methods that can effectively capture the vision and mission of your company. For our customers, this has lead to focussed Data Analytics implementations that drive direct business value.
What makes a good data strategy.
As the data strategy is just as unique as the business it’s trying to support, there is no typical one size fits all approach. Also, it’s very dependent on where your company stands from a data & analytics maturity point of view.
Here’s an overview of the most important pillars that make a good data strategy:
- Business strategy: A good data strategy begins with understanding why we are doing this in the first place and what the aspired business objective is. This is the most crucial component of a good data strategy. This could also involve aligning the goals of the different departments. We have developed an effective method to define your Vision and Mission. Our ‘trademark’ Data Value Matrix captures aspects like impact, priority, and feasibility. The outcome allows you to focus on where you need to start and what investment drives the best value. Besides the Vision and Mission statement and the Value Matrix, we help you shape roadmap with concrete list Data Products and Services.
- Tech & Data: Once the business objectives are clear, the next step typically is to access what data do we need to leverage (internal/external, structured/unstructured) to achieve the desired objective. Parallel, we take a similar approach to your enterprise technology foundation. What needs to happen to conduct the efforts?
- People & Process: In our humble opinion, a good data strategy is beyond just having the most sophisticated technology. Having the right talent, skills, and processes in place is equally, or even more, important and should be a key part of the thought process.
Benefits of a good data strategy. 
- A good data strategy can influence your business model in a way that brings more business value by driving growth, efficiency.
- Connected decision making: A properly implemented data strategy allows for information to flow across your organization, leading to what we like to call, connected decision making.
- Competitive advantage: Given the ever-increasing competition companies face, a well-shaped data strategy brings speed and context. Insights where and when needed.
Agnicio has been able to help numerous companies at different data maturity stages shaping good data strategies. This is just an introduction to our take on data strategy. Do you have more specific questions about our Data Strategy service and how it could work for you? Please reach out to us by email or through our telephone number.
