You have a three year business strategy
Is it supported by your three-year data strategy?
If your business sees data as a strategic asset then it is clear that your data strategy must be aligned to and driven by business goals. To this end, a comprehensive data strategy must consider and plan for the changes that need to take place across people, processes and technology in order to move the business forward.
The details of a strategy will differ from business to business, however, the goals of most data strategies should be:
- To ensure that IT projects are aligned to business needs and focused on business priorities through data excellence and information management
- To Increase operational efficiency by identifying and addressing key business process failures that impact data integrity
- To reduce data-related risk through pragmatic information risk management.
Your company's data strategy sets the foundation for everything you do related to data.
Build a winning strategy
Any successful data management strategy must adapt to the needs of the organisation.
Our local experience spans multiple industries - including mining, financial services, telecommunications and government, as well as companies of different sizes and organisational cultures.
Our consultants understand that our approach needs to adapt to the level of maturity, the size and the culture of the organisation to deliver incremental improvement and a plan that can grow with you.
Create a data management plan
Identify key business goals and objectives.
Goals are the outcomes you intend to achieve, whereas objectives are the specific actions and measurable steps that you need to take to achieve a goal.
For example, a business goal may be:
- To Increase the sale pipeline
Objectives to support that may be:
- Increase the conversion rate of leads
- Increase outbound call quantity per sales rep
Identify what data capabilities are required to support the business objectives.
For each objective identify how data will support this.
For example, or the goal "Increase conversion rate" we may:
- Identify key metrics that must be delivered in the form of a new BI capability
- Identify the need to enhance lead data quality - validation of email addresses and / or telephone numbers
- Identify the need to enhance customer segmentation and predictive analytics
By linking data management capabilities to business objectives we can prioritise investment where it will bring the biggest return.
Detailed planning for the delivery of specific capabilities at both a strategic and tactical level.
This may require both capital investment and organisational change.