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A data strategy is the key document to help you overcome these obstacles, aligning everyone on the path forward. But how do you go about building a data strategy that overcomes these barriers?
We’ve helped many businesses with developing a data analytics strategy and in this blog we will walk you through the five key steps in our data strategy framework to set you up for success.
Imagine that you’ve bought an empty plot of land, eager to build your very first house. Now, would you immediately order wood, nails, and windows, and start hammering away without a clear plan? Not likely. Without a strategic approach, the result might not resemble a house at all.
So, what's the smarter move? You'd start by engaging an architect who'd meticulously plan every detail, from the foundation to the choice of tiles.
This is the essence of strategy — a comprehensive, big-picture plan that ensures your focus on what truly matters and guides you toward your ultimate goal.
Without this plan it is easy to get distracted and end up with bright shiny object syndrome and end up spending resources on tactical projects or technology that doesn’t end up delivering.
Your data driven business strategy is your foundation, setting out the long-term plan for everyone to follow. Itis a key document in any annual planning, digital, technology or AI transformation.
Step 1 - Define your future state
The first step in developing a data analytics strategy is to define where you want to be heading, what is your ideal future state? This should align to your overall business strategy and goals. This ensures that what you are delivering is of value to the business and sets you up for success.
If you don’t do this, you run the risk of wasting time and resources delivering projects that the business doesn’t value and eroding the faith and trust in data throughout the business.
Step 2 - Conduct a Data Capability Assessment
Once you have visibility of your business goals and ideal future state, you need to understand the current state of data within the business. This ensures that you set realistic goals and build a roadmap (more on that later) that bridges the gap over time.
A data maturity assessment should deep dive into five core areas that support each of your strategic goals, they are:
Analysing these five critical elements of data will provide a full picture of the maturity of data within your business. It will enable you to understand the gaps and map out the actions that you need to take when building a data strategy.
Step 3 - Prioritise Initiatives
Now, the third step is about prioritisation. The Data Capability Assessment will paint a picture of the current state of data in your business, combining this will your ideal future state for data in the business will identify the initiatives to bridge the gap.
However, the list of initiatives can seem daunting and without prioritising them they can mean that you focus on the wrong thing. The best way to prioritise is using the value vs. complexity matrix, this will highlight the key initiatives that will deliver value quickly and should come first building a data strategy, as they represent the best value to your business.
Step 4- Building a Data Strategy Roadmap
The Data Strategy Roadmap is like a step-by-step plan to make your data driven business strategy happen. It breaks big goals into smaller tasks, showing you how to go from where you are to where you want to be.
This plan helps everyone in the business understand when things will happen, keeps track of progress, checks if we're doing well, and makes sure we have what we need along the way.
Step 5 - Implement Change Management
You’ve got the plan and roadmap. You’re set right?! Wrong!
Often the most overlooked element when building a data strategy, but the most critical is change management. Without managing change within the business your grand plans will most likely fail to deliver.
Here's a key point to remember: Just as the world and technology evolve, so should your data strategy. Regularly review and adapt—it's not a 'set and forget' exercise. Embrace change to keep your strategy dynamic and effective.
This comprehensive PDF is packed with strategies to align your data with business objectives, steps to gain stakeholder support, and tactics for thriving in a changing business landscape.
Don't miss out on these actionable insights – download your free copy today and start crafting a data strategy that truly transforms your business!