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Data strategy formation

Your business needs a data strategy to succeed in a digital world

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.

Data Strategy main image

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.

According to Forrester Research, 67% of brands that score “advanced” in their insights-driven business maturity experienced 10% or higher revenue than the competition. 

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?

We evaluate:

number 1

The available data sources and identify the correct technology infrastructure that will enable storage and integration of data sources.

Asset 4

The capability to use advanced analytics and AI to meet business objectives. 

Asset 5

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:

number 1

The Technology stack & data architecture most suited to your organisational needs with the aim to bring together disparate data sources.

Asset 4

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). 

Asset 5

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.

Discover

Explore what is possible with data relative to your organisation’s strategic objectives and goals.

Define

Evaluate current systems and processes to identify any gaps, and pin-point enabling actions required within people, process, and technology, which will support the goals of the organisation.

Plan

Deliver a roadmap of initiatives that will formulate your data strategy.

Liam ODonoghue | Deputy CEO Ibec

“The team in Idiro have done a fantastic job on the strategy document. We have been so impressed with their ability to really get a handle on our business in a short space of time and to produce a document that gives us a clear path forward…. We have engaged with a number of external parties over the past couple of years as we’ve sought to define our data strategy. Nobody came close to your team in being able to pull all of the relevant elements together in a coherent strategy. I’d also add that the guys were really great to work with too.”
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But you can learn a lot about your data strategy from our Experts. A 30 minute consultation can help you uncover gaps in your data strategy.Ready to get started?