Data is a strategic asset, so why don't most companies have an efficient data strategy to drive their business?
The answer is more complex than you might think. Information is often spread across silos and systems that simply don’t communicate with each other, the quality of this data is poor, and the costs of processing it can be very high.
Yes, these are problems that can be solved by adopting a data strategy. However, day-to-day challenges mean that these companies do not have a long-term vision for their business.
For this vision to be transformed, leaders need to understand that a data strategy, if implemented correctly, contributes to support business objectives and so that the company's challenges can be overcome more easily.
Data strategy is more than just data
In addition to data, a data strategy must address processes, technologies and people. In other words, it must understand what employees need to use information autonomously, whether processes ensure easy and secure access to data and whether the available technology allows for the storage, analysis and sharing of information.
If defining a data strategy seems complex, implementing it can be even more challenging. According to Harvard Business Review, only 35% of companies say their data resources are data analysis and management are aligned with the company's objectives.
So what makes a strategy successful?
- It must add value
- It must be created to meet the needs of the company
- And its use must be widely disseminated throughout the company through projects and change management.
Implementing a data strategy
There is no ready-made recipe that can be used by all companies. This is simply impossible due to the unique characteristics of each company and also due to the stage of development. digital maturity that are found.
Despite this, some elements can be applied by all companies that intend to base their business on data.
Meet business requirements
Data should serve one purpose: to help the company achieve its business goals. Of course, every industry has different goals, but all of those goals need to be aligned to the larger goal.
Data collect
By understanding the goals of each department and how they align with the business, it is possible to analyze the data sources used by the company, how this information is collected and where it is stored – internally and externally – and its availability.
It is also necessary to determine whether the information collected is sufficient for the business strategy and whether it is up-to-date information – and how often it is updated. In addition, it is necessary to analyze whether the processing of this data complies with LGPD standards.
Requirements
Here it is necessary to assess whether the company's technological and personnel infrastructure meets the needs of a good data strategy.
Questions about where the data is located, whether the company will use a cloud or on-premises solution for information management, how data will be accessed, and other requirements need to be answered. The more requirements and needs are analyzed, the better the data strategy implemented.
Data must generate insights
An efficient data strategy should generate useful insights for business, but the way this information is visualized makes the difference.
Data visualization tools should make the process of interpreting and understanding information easier and simpler and need to detect trends, present the context of metrics, encourage information sharing and provide a level of detail that allows analysis by lay people and experts.
Integrate people and processes
A data strategy should increase the flow of information, analysis and even the use of new digital tools. Therefore, it is essential to know the skills of users to understand what level of support should be offered and even whether it will be necessary to hire new employees.
If users simply do not know what to do with the insights generated, a data strategy will hardly be successful, so a training plan focused on data analysis must be implemented in order to serve users with different levels of knowledge.
data governance
Data governance deals with the process of managing the availability, usability, integrity and security of data and is based on data standards and policies that control the use of company information.
If implemented correctly, it prevents data from being misused and ensures the quality of information, as well as helping the company meet privacy and compliance standards.
The integration of each of these practices contributes to the creation of an efficient data strategy.
Of course, it is possible to carry out this entire process internally, but having data experts helps reduce risks and make implementation challenges easier to overcome. Talk to one of COSTDRIVERS' experts and understand how we can help your company create a data strategy.