Step to Create Data Strategy – Business Intelligence

Step to Create Data Strategy

There is a ten-step process to create a data strategy document, as follows:

1. Build awareness: This is a first step that creates awareness of the issue and acknowledges the need to create an enterprise strategy and enterprise program. To do so, create awareness about the pain areas related to data and the need to establish a data strategy program at the enterprise level. These pain areas could be different for different companies and may vary across any area in data management; e.g., data integration, data security, interoperability, etc. This step gets executive buy-in by making them aware of the value of the data program and how companies in and across industries are using data to gain a competitive advantage.

2. Assemble a team: After getting partial or full buy-in from the leadership team, the next step is to create a hybrid team from the business and IT departments.

These motivated individuals have an interest in increasing the maturity of the data and analytics capability across the organization. It is suggested to have an incremental implementation approach in mind.

This team of senior managers should understand data and any challenges and opportunities. This step makes sure to get commitments from the stakeholders and their supervisors about their bandwidth and participation. Expectations from the team are to commit time and ability to create a data strategy and oversee execution of that data strategy.

3. Educate the team: The next step after assembling a team is to create an understanding among the team members about common data issues across the enterprise, different approaches, data trends across industries, and specific trends within the business’ industry. As the team is from different domains with different perspectives, it is important to be on the same page about the common vocabulary, best practices, and standards. Internal and external experts with experience in execution and implementation can help to educate the team about the possible opportunities, challenges, and data solutions.

4. Assess Current State: The next step is to evaluate and assess the current state of maturity of data practice. Self-analysis is required to find the commonalities, patterns, and core reasons behind these pain points. It is important to align business strategy with information strategy. The purpose of finding the current state is to perform a gap analysis to align with and achieve the objectives of

the business strategy. A prerequisite is to understand the business strategy. Activities include maturity assessment, gap analysis, and SWOT (strength, weakness, opportunity, and threat).

5. Develop a vision and goals: The next step is to create a vision and mission for the team. This step completes gap analysis with regard to the business strategy. It motivates the team and provides them with ongoing and high-level direction. This can be done by brainstorming the ideal future state and communicating with stakeholders about vision and how it would be aligned with corporate strategy. Discuss how it will be implemented both operationally and strategically.