3) Once your data is in order, you can start looking at productivity improvements. To drive productivity improvements at scale, you need to empower employees by providing direct access to your company’s data in a way that lets them use it independently to analyse and gain insights about their business area. Depending on your organisation’s data literacy, you can either delegate access to one stakeholder per business area, or provide access for everyone at the firm. Not only will this create momentum and efficiency for decisionmakers, it will also improve productivity in your analytics function/team as it can refocus on deeper analysis or capturing more relevant data instead of creating reports or analyses for stakeholders that can now produce it themselves.
4) Once productivity improvements start to materialise, data-driven business development can harness data to guide projects, increase speed and productivity and impact the strategic fundamental core of your business.
5 & 6) To enable the organisational shift to data-driven business development, you will want to work on your organisation’s data culture, team and skillset as well as the ability to work in agile and iterative ways. Start requiring that all important decisions, company targets and personal goals be made based on hard facts and data to establish a data-driven mindset amongst your employees. Support this change by upskilling or bringing in the data talent you need to enable this change, and empower your employees to dare to analyse, future-proof and fail fast.
7) Last – but certainly not least – data governance! Varied definitions of the term abound, so here is the way we look at data governance at Verdane. When data becomes a core asset that determines the success of your business, you need to implement some sort of framework to ensure that all data stakeholders are able to use the updated, high-quality data confidently. Beyond managing your data, you need a system of rules and procedures to ascertain data capture, distribution, and quality control. Building this framework is essential for enabling organisational trust in your data and for creating a self-reinforcing cycle of better analytics, strategic decisions and business results. Data governance is therefore crucial to safeguard the long-term success of any data journey.
With this brief introduction, you should now have a basic understanding of the outline of your data journey and progress within it. As I see it, data journeys are never finished – with ever-incoming streams of fresh data, there will always be new ways in which you can improve your business. If you have the patience to start at the beginning and take one step at a time, you will eventually see tangible and measurable improvements to your business.
Reach out to Peter at firstname.lastname@example.org.