Data strategy formation
A roadmap to revenue – enabling you to leverage tangible value from your data assets.
What is data strategy?
A data strategy gives your organisation a path to maximising the value of your data assets. It involves identifying the people, processes, and technology initiatives that will enable the business to become data-driven.
We help companies develop their data strategy which is a critical element of any digital transformation/digital optimisation journey. All companies need to understand how to leverage their data in order to grow sales and improve customer retention.
We develop a technical roadmap starting with data governance, incorporating reporting & data analytics, and eventually leading to the appropriate use of machine learning and AI. The data strategy roadmap is aligned with corporate KPIs and provides a clear step-by-step guide to becoming a data-driven organisation.
Organisations without a data strategy often suffer from one or more of the following:
Multiple analytics teams (often competing and / or with gaps between them)
Wasted investments in data or analytics infrastructure, products or services
No clear data ownership leading to multiple versions of the truth
Different departments using different data technologies, methodologies or suppliers
No long-term plan, therefore not keeping pace with competitors’ use of data
Missed opportunity to extract value and insights from available data
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Benefits of investing in a data strategy:
With an executable data strategy built on business goals, there is a higher chance of increasing revenue & reducing costs quickly.
A clear and detailed data roadmap will mean all your data resources, projects & investments are pulling in the same direction, with the right infrastructure in place.
Using data to measure KPIs accurately across your business to increase productivity and efficiency.
All the right people have easy access to the right data to make the best decisions.
Intelligent understanding and prediction of customer behaviour leading to reduced customer churn, increased customer retention and loyalty.
Keep your business on the right side of data regulations by complying with regulatory requirements.
Why invest in data strategy?
Clearing the fog – ensuring you don’t miss out on any more opportunities.
Often our customers ask us the same question – “We know we need to do something with our data. But what and how?”. Or:
How do we monetise our data assets and use data to improve our bottom line?
How do we use data to service our customers better and cost-effectively?
We want to make data-driven decisions, but we don’t have access to real-time data.
We have undergone the process of “digital transformation” but our data is still underutilised. What are we doing wrong?
Each business function is using data differently – we don’t have a holistic picture of our data!
Our data sources are disparate and disjoined leading to inaccurate insights – how do we rectify this?
We provide our customers with clarity of vision. By empowering our customers with the ability to take advantage of their data, we prepare their business and people to pivot to a data-driven environment, along with arming them with the knowledge of how to use data as a critical business asset to remain competitive, improve bottom line and manage risk.
How do we develop a data strategy roadmap?
The available data sources and identify the correct technology infrastructure that will enable storage and integration of data sources.
The capability to use advanced analytics and AI to meet business objectives.
The culture to promote and enable specific data & analytics use-cases within the client vertical, and organisational readiness required to act on insights.
The evaluation leads to the development of a data strategy roadmap which includes:
The Technology stack & data architecture most suited to your organisational needs with the aim to bring together disparate data sources.
Arming the business with the ability to use advanced analytics (descriptive reporting, presented through Business Intelligence tools) and Artificial Intelligence (to anticipate customer behaviour and patterns).
Help leadership implement a data-driven culture & ensure organisational readiness. This includes a willingness to implement data and analytics use-cases to drive value and organisational efficiencies. Organisational readiness is required to ensure that an organisation can act on insights.
Liam O‘Donoghue | Deputy CEO Ibec