“Errors using inadequate data are much less than those using no data at all.”
Charles Babbage – originated the concept of a digital programmable computer
“Facts do not cease to exist because they are ignored. “
Aldous Huxley – writer & philosopher
Why Data Strategy is important
The nature and importance of business data is changing rapidly. Businesses can no longer rely JUST on data available from accounting, ERP or CRM applications. The advent of the “Internet of Things” (IoT), Social Media and “Big Data” has led to an unprecedented amount of hitherto unavailable data to facilitate gaining insights previously only available on a gut feel level. This in turn has led to the need to rapidly analyze vast quantities of data, in turn leading to the growth of cloud computing and new types of analytics software. It has also lead to the need for analytics and data scientist skills to effectively use this data.
Organizations of all sizes and industries increasingly need to:
- Align Data Strategy & Governance with changing business needs.
- Identify and utilize new data sources such as sensor data or social media.
- Implement effective processes and technologies to gain new business insights. For example, moving large data volumes and analysis tools to the cloud.
- Assess the impact of these changes on your IT organization.
- Ensure data-related decisions are taken at the appropriate organizational level – executives need different analyses than LOB analysts.
- Ensure thay have processes in place to escalate data-driven issues to the appropriate level in the organization. For example, serious negative feedback on social media following an incident impacting the organization needs to be communicated quickly to whoever might have to face TV cameras.
- Ensure data-related decisions are taken at the appropriate organizational level. For example, managing the Data Governance Strategy between Corporate HQ and Operational Units – who owns which data?
How we can assist you
- Assess your Data Strategy, Management & Governance approaches supporting current and future business needs, both strategically and operationally. We conduct our assessments using industry standards such as COBIT and ITIL. We conduct initial “Quickcheck” assessments to gain an overall big picture and then, depending on the results, perform deep dives into specific areas.
- Review and assess your existing technology landscape’s ability to meet your desired analytic goals: Focus is on IT data provisioning processes, use of analytics tools, new data sources, anticipated data volumes etc.
- Based on our assessments, develop recommendations on approaches to mitigate existing issues, improve performance, and prepare for the future.
- Assess the IT organization and resources focused on analytics in terms of structure, size the mix of internal and external resources. This is becoming increasingly important due to the growing reliance on external IT service providers (SaaS, Outsourcing, Cloud).
- Consult with you on an ongoing ad-hoc basis as new issues arise.