While most organizations spend a lot on Data, less than half actually get value from their investments (Gartner).
As a Fractional CDO, here are my thoughts on what’s missing.
๐ฏ ๐๐๐ญ๐ก๐ข๐ง๐ค๐ข๐ง๐ ๐๐๐ญ๐ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ: ๐๐ญ๐๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐๐
In the rush to become “data-driven,” many organizations jump straight into tools and technologies. I believe that the real game-changer for your data strategy is hidden in Simon Sinek’s “Start With Why” golden circle.
1๏ธโฃ ๐๐๐: ๐๐ก๐ ๐ก๐๐๐ซ๐ญ ๐จ๐ ๐ฒ๐จ๐ฎ๐ซ ๐๐๐ญ๐ ๐ฌ๐ญ๐ซ๐๐ญ๐๐ ๐ฒ
– What’s the purpose behind your data initiatives? What problem are you actually trying to solve?
– Are you seeking to innovate, enhance customer experiences, or drive operational efficiency?
– How does it align with your company’s mission and values?
๐ก A compelling ‘WHY’ inspires action and unites teams. It’s not about having data; it’s about leveraging insights to create value and drive meaningful change.
2๏ธโฃ ๐๐๐: ๐๐จ๐ฎ๐ซ ๐๐ฉ๐ฉ๐ซ๐จ๐๐๐ก ๐ญ๐จ ๐ฅ๐๐ฏ๐๐ซ๐๐ ๐ข๐ง๐ ๐๐๐ญ๐
– This isn’t about choosing tools. It’s about fostering a data-driven culture.
– How are you breaking down silos and encouraging cross-functional collaboration?
– What processes are you implementing to ensure data quality and accessibility?
– How are you upskilling your workforce to think critically about data?
๐ก Data, like Digital before it, is a people and process ๐ก๐๐๐๐ ๐๐๐๐๐๐ก๐๐๐, not simply a technical implementation. It requires a shift in mindset across the entire organization.
3๏ธโฃ ๐๐๐๐: ๐๐ก๐ ๐ญ๐๐ง๐ ๐ข๐๐ฅ๐ ๐จ๐ฎ๐ญ๐๐จ๐ฆ๐๐ฌ
– Yes, this includes your tools, dashboards, predictive models, and optimized processes.
– But it’s more than that. It’s about the actionable insights that drive decision-making.
– It’s the improved customer satisfaction, the operational efficiencies gained, and the innovative products developed.
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ: A successful data strategy starts with a clear purpose (WHY), is supported by a culture transformation of data-driven decision making (HOW), and results in tangible business outcomes (WHAT).
Your data strategy should drive your technology choices, not vice versa.