We are currently witnessing a data expansion, with projections showing that enterprise data doubled between 2020 and 2022. With such predictions in mind, it is no surprise that anyone running an organisation will try to stay ahead with their data and the opportunities it could open for businesses. However, it’s possible that the results of data projects aren’t always satisfactory or don’t deliver on expectations. Utilising data in a meaningful way that helps businesses is not as easy a task as it might seem. With ever-expanding amounts of data and different ways of leveraging it, the job of utilising your business’ data might turn out to be chaotic, and without a well-planned data strategy, it might even turn into a sisyphean task. The saying goes: “a vision without a strategy remains an illusion”. To ensure your aim of meeting your objectives, using the power of data, does not remain an illusion, you should first concentrate on your data strategy. To know that data is the driving force of any business is one thing, but to correctly apply a data strategy to achieve your business goals and KPI’s is another. Like any strategy, a good data strategy has to start with a well-defined roadmap of desirable accomplishments. Often senior stakeholders have many unknown unknowns regarding their data and how it could be employed to their advantage. At Idiro, we start our customer’s data journey by reaching a common understanding of where they want to go and the goals they want to achieve. Prioritising your goals and objectives is the cornerstone of an efficient data strategy. The very first questions you must ask yourself are:
- What questions do you want to answer with your data?
- What business outcomes are you trying to achieve?
- What are your end goals, and how can data insights help you reach them?