Do we need a data strategy?
In a word, yes! Data is a key business asset, and it’s all around us. But you need a robust data strategy to really get the most out of it. Here’s why…
The quantity of data generated on a daily basis is staggering and it’s becoming central to competitive advantage…but it’s of no value if you’re not using it properly.
According to a report by McKinsey & Company, organisations that effectively use data and analytics have the potential to increase their profitability by as much as 60%.
Are you maximising yours?
What is a data strategy?
Data = facts and statistics collected together for reference or analysis. Your data strategy provides a framework for maximising that data.
Essentially it’s a plan detailing how your business will collect, process, and analyse your data to realise the full potential of business goals and objectives. It outlines how you will use data in practice and clarifies priorities, taking into account the type, volume, and location of all your data streams, and the needs of users.
A successful data management strategy usually incorporates:
- A plan for how your organisation will use data to support and/or grow the business.
- A definition of metrics and success criteria for data management across the organisation.
- Consistent, defined ways to accumulate, assimilate, store and control your data.
- An aligned vision across business and IT.
- Agreed standards and tools for the management of data, including compliance and security.
- A roadmap for managing upcoming data streams (your data pipeline).
Do you need a data strategy?
Simply put - yes. Otherwise all that rich and valuable data in your organisation is just a wasted opportunity.
Data analytics has the potential to reshape business operations and enable new revenue streams, but only if you maximise your data with a robust strategy. If the control and use of data in the business is ad-hoc, with no overall vision or framework, how can you rely on insights or make effective data-driven decisions? You can only create competitive advantage if you use data effectively, so you need the ability to run efficient and accurate analysis, and extract unique and comprehensive insights from it.
Consistency should be central to your approach - without a data strategy you can’t consolidate and rationalise data from multiple sources to produce a single source of truth. And without comprehensive, reliable insights, you can’t act on your data.
Data is everywhere, but it’s no use to anyone if it’s not effectively organised, or accessible. The ability to manage and leverage that data is critical to a company’s success. Without a unified view of your organisation’s complete datasets, and a consistent business-wide vision for data management going forward, you simply can’t fulfil its potential.
Do small businesses need a data strategy?
Yes - data is a key business asset, alongside your people and your products. Every business - big or small - has data at its disposal, regardless of size, sector or type.
Data and analytics guru Bernard Marr says: “While the average small business has less self-generated data than big players, this doesn’t mean big data is off limits. In many ways, big data is more suited to small businesses, because they’re generally more agile and able to act more quickly on data-driven insights.”
The benefits of a data strategy
Hopefully, by now you understand the true value of data-driven decision making, and you realise that effective business intelligence, data and analytics are crucial for data-driven decision making.
How do we guarantee (and future proof) access to effective business intelligence, data and analytics? With a data strategy of course! With a robust data strategy in place, you can harness and use your data to:
- Understand customer needs
- Predict customer trends
- Make effective decisions
- Identify new revenue streams
- Improve operations and processes
- Work smarter and foster innovation
- Provide products and services that customers genuinely want
And this, in turn, delivers:
- Improved efficiency and productivity
- Greater agility (flexibility to adapt to changing business needs)
- Improved financial performance
- Satisfied customers
- Competitive advantage (ability to identify and take advantage of new opportunities as they arise)
- Compliance and security
A data strategy builds a foundation and a framework that enables the business to leverage data strategically.
Here’s how we can help
So you have acres of data, and you can see the exponential value in organising and strategising, but you don’t know where to start…or do you lack the expertise to deliver a change project of this scale in-house?
We can help! And it needn’t cost the earth - budgets are being squeezed globally so we want to help you ensure you’re getting the most out of the software and databases you already have.
We take a hybrid approach that blends consultancy and training. So you benefit from our expertise and then have the skills and knowledge to manage your data in a self sufficient way going forward.
- Fact-finding - we get a holistic view of your business.
- We develop a tailored solution.
- We provide specialist training, to empower and upskill you and your employees.
The PTR team has been designing, developing and implementing effective business intelligence solutions since the 1980s. We want to help you drive your business forward and we’re here to guide you through your data journey.
Get in touch to discuss your business and how we can help you unlock value through analytics.