Data has become one of the most important business assets for any size and activity company. At the moment, there are many data use cases. However, each company must choose its own option that will bring the greatest benefit. To be successful today all companies regardless of size or industry must have a data strategy. It is important to understand exactly what data is needed to achieve goals and improve business results.
With so many potential data use cases it’s easy to get confused. But the task of choosing a scenario should not be left to chance. Below are some tips to help leaders prioritize and create an effective enterprise data strategy.
First of all, it is necessary to outline the desired result: «What exactly does the business want to achieve?», «What are the key business tasks and goals?.
There are 4 main uses for data:
Every data project that has been brainstormed needs to be drilled down:
Having passed the previous stages, it is necessary to determine the most suitable for a particular business. This approach will identify data priorities, cross-cutting issues, requirements and goals. You should start with the current business strategy, the most significant challenges and opportunities. Depending on the ambition and scale of the data processing strategy, it is necessary to choose from 1 to 5 use cases. They will also be the most strategic and long-term ones.
After that, it is worth identifying 1 – 3 «quick goals» that can be achieved quickly and can show value. A quick result will demonstrate the effectiveness of the data processing strategy and allow to get team members’ support.