How to Modernize A Data Strategy Approach

Modernizing your company’s data strategy can be a daunting task. Yet making this change — and doing it right — has never been more important, with torrents of data now dictating much of the day-to-day in many organizations.

Missing the boat on making this change now can hold your business back in meaningful ways down the line. Changing your approach to capturing, sharing, and managing your data can help you avoid many of the pitfalls that befall businesses today, such as duplicating data across the organization and processing overlaps.

Implementing an effective data strategy will enable you to treat data not as an accidental byproduct of your business, but an essential component that can help you realize its full potential. Setting out clear, company-specific targets will help you tackle these challenges effectively.

Before you embark on this journey, however, it is crucial to understand why you want to modernize and where you are now and identify the most efficient path to the finish line.

Strategic Vision – Future of Your Data

The first step is to define a vision for your own data modernization. Do you know why you want to modernize your data strategy and what your business can gain in the process? Do you have an aligned strategy and a clear idea of what a thriving  Data ecosystem will entail?

Defining your goals — whether that is to gain a better grasp of your data, enhance accuracy or take specific actions based on the insights it can provide — is paramount before initializing this process.

Equally essential is to ensure early on that executive leadership is on board, since overhauling your data strategy will require significant investment in time and resources. This will be needlessly difficult without full buy-in at the very top. Figuring out how better data management will tie in with your overall business strategy will also help you make your case to leadership.

Ways of Working – Operating Model

Next, you need to figure out how this modernization will take place and pinpoint how your operating structure will change under this new and improved system.

Setting out ahead of time how data engineers and data scientists will work with managers to shepherd this strategy and maintain it in the long run will ensure a smooth process and help you avoid wasting time and resources.

Identifying what your team will look like and gathering the required resources to implement this project will lead you directly into implementation.

Accessibility & Transparency — See the Data

Gaining access and transparency, at its core, is about implementing new systems so that you gain better visibility of the data you have. You want to make sure that your structured and unstructured content — and associated metadata — is identifiable and easy to access and reference.

Putting the infrastructure in place to ingest the data your business already creates, and format it in a way that lets you access it efficiently, might appear basic. But figuring out how to achieve this through data integration or engineering is a vital step and getting this wrong can easily jeopardize the entire project.

Data Guardianship — Trust the Data

Once you have brought your data to the surface, determining ownership within your organization will ensure both that accuracy is maintained, and that data is managed and updated within the correct frameworks. 

This includes applying ethical and data sharing principles, as well as internal governance and testing, so that you can ensure your data is always up-to-date and handled responsibly. Making sure that you can trust the data you are seeing is essential to guarantee the long-time benefits you are hoping to gain through data modernization in the first place. 

Plus, you can rest easy knowing that your reporting data is accurate instead of worrying about falling foul of external compliance metrics and other publication requirements.

Data Literacy — Use the Data

Tying back to your internal data management, literacy is all about making sure that you have the right skillsets in place to make savvy use of the insights you are gaining from your data.

You and your team need to make sure you are trained and equipped to handle this process both during implementation and once your new system is in place — so you can leverage the results in the best possible way and make it easier to access and share data throughout the company.

After all, making secure financial and operational decisions will depend on how much you trust in your own core capabilities. Ideally, a successful data management strategy will enable you to understand every part of your business. This applies not just internally, but also spans your customers, suppliers and even competitors.

Take the First Step with Strive

Our experts at Strive Consulting are here to help you assess whether you are ready to embark on this journey and provide you with a clear perspective of where you are, what’s involved, and how to get there. We are ready to walk you through this process and make sure the final product ends up in the right place, so you can be confident that your data is in safe hands — your own. Learn more about Strive’s Data & Analytics and Management Consulting practices HERE.

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