The Importance Of Data Strategy
You may have heard the adage “Don’t start with the data, start with the problem.” But which problems do you start with? And how will more knowledge actually solve that issue? All too often brands spend significant time and money finding more and more data which while useful, does not solve their root issue. Here’s four key reasons why Data strategy is so important…
Data Needs Change Management
While it may not be as visible as other forms of technology (like automation) data should ultimately change the way your organisation works, and in doing so will impact a lot of people. A 2021 survey of major global brands found that 76% had not created a data-driven organisation, which is not surprising. How can organisation hope to change the way they work when the people missing key information on how data works and what it can do for them? When embarking on your data project, don’t underestimate the need for communication, planning and training.
Prevents Expensive Mistakes
One of the biggest concerns of most companies we speak to is that of picking the wrong technology or setting up in the wrong way. Technology is rapidly changing and evolving and it can be so difficult to know which vendor to choose, but this risk is only amplified if these decisions are made without first considering, in detail, how the organisation will actually use data and what they hope to get out of it. In order to create a data-driven culture, its important that the tools are accessible (and can be used by) to multiple teams or else you run the risk of data/analytics becoming a bottleneck to decision-making rather than an accelerator.
Stops Data Being A Cost Base
It’s very easy for data to get tied together with technology or I.T. and while many of us use laptops, servers and apps we may never really consider the value that these tools have for the business. The same thing can easily happen with data where it becomes invisible to most of the organisation, working in the background. If people aren’t aware of the value they can generate through the right data, then it quickly becomes a Cost-Base and not a Value-Added part of your business and will likely be underfunded. The right strategy can prevent this.
Reduces Wastage
Many organisations have a bad habit where they are always looking for more and more data, often overlooking the data they’ve already collected. Strategy can help you pinpoint which pieces of information can serve the most use-cases and prevent wastage and duplication of effort. Often it’s better to think of your data not in terms of problems/questions but instead what decisions can you actually make.
Key Advice
With any group, you can only go as fast as the slowest person. Don’t underestimate the time and effort it will take to get everyone singing from the same hymn sheet. A lot of larger organisation have the right data, they have the right research but their decision makers are ignoring it. They assume with their experience, they know better. But numbers don’t lie!
No organisation can afford to stand still. There are always new challenges to meet, and better ways of doing things. However, every change you need to make should be planned and implemented with care, otherwise it could end up doing more harm than good.
How 173tech Can Help
We understand that any business who invests in data is looking to get a return as quickly as possible. We focus on high ROI data projects that will deliver value for you and then can be used as Case Studies for the rest of your business. get in touch for a friendly chat today.