In today’s fast-paced digital age, business strategies are constantly evolving to achieve organizations’ goals, and to maintain a competitive advantage. It is here that it becomes imperative for organizations to align their business and Data strategies to drive innovation and lead from the front.
One may think that hiring a Chief Data Officer (CDO) to manage the deluge of data is all it takes to get Data Strategy right. Having an organized data-management team and an expert CDO is a good place to start, but it only just begins to scrape the tip of the ‘data iceberg’. What one really needs, is to build a robust Data Strategy to organize, analyze and administer digital assets.
These less-glamorous aspects of Data Strategy are often the ones that organizations tend to overlook in favor of conventionally exciting ‘dashboards’. Here, collaborating with the right firm that understands your business’ objectives, your data history and has what it takes to support you on this journey is tantamount to your company’s success!
We at ValueLabs have helped make clients evolution-ready through long-term data technology solutions that encompass all steps along the data journey — Storing, Reporting and Predicting. We help businesses design, develop and deploy effective data governance models that learn your business, provide actionable, measurable and relevant insights, and make accurate predictions for the future.
We believe that understanding an organization’s digital maturity and how far along the curve it is to being a platformised enterprise precludes developing a Data Strategy. And for this, we follow five simple steps to implement a Data Strategy which ensures your organization is ready to transform:
- Identifying goals and gaps
- Finding the right data to fill in those gaps
- Integrating across departments
- Establishing structures for data-governance
- Creating protocols to ensure data security and validity
The aim is to set the wheels in motion in a way that is constantly evolving and dynamic. It’s time your organization took control of its data narrative and became, not just more fluid and efficient but truly future-ready.
Written by Harjeev Singh Ahluwalia, Associate Director – Sales.