In the digital age, developing an efficient and modern data project requires careful planning and a well-defined journey. It’s not just about adopting technological solutions at random; it’s about having a clear objective and understanding the expected value. To achieve this, embedding a data-driven culture with certain organizational characteristics is crucial.
In this article, we break down the key principles for creating an efficient data strategy, positioning yourself as a trusted partner in the age of big data and artificial intelligence, and fostering a Data-Driven culture.
“Data-Driven”: an indispensable business culture
Becoming a Data-Driven organization is a fundamental business strategy in the digital age. This mindset involves proactively using data in all business decisions and processes. The significance of this transformation lies in how it allows companies to better understand their customers, anticipate market trends, and optimize operations. Organizations can make more informed and precise decisions by relying on solid data and intelligent analysis. This can lead to greater efficiency, profitability, and competitive advantage. According to the CDO Agenda 2022 study, ‘Pull Ahead By Focusing on Value, Talent, and Culture,’ CDOs who link data and analytics with quantified business outcomes and metrics will be more successful than those who do not.
Moreover, valuing and leveraging data as a strategic asset promotes a culture of innovation and continuous improvement. Companies can identify opportunities, solve problems more effectively, and develop products and services that more accurately meet market needs. Transitioning to a Data-Driven organization is crucial for remaining relevant in a competitive business environment and for achieving growth, agility, and long-term success.
Development is just the beginning
Although the journey is long, each of the development phases is as important as the previous one. A project cannot be successful if it has not gone through a complete path, something that we will develop in detail in this article.
We will also see that a correct development does not depend exclusively on the tools that are implemented or the quality of the process, but also depends directly on a transformation of the corporate culture. Something that is only possible with mentoring and training in new methodologies for employees.
The truth is that putting data at the heart of companies goes beyond deploying an architecture; it is a transformation project in itself.
It is therefore important to keep in mind the mission, the claim and the values of the project. Being clear about the objective and the KPIs (for example: to achieve a competitive position and value in the market) is as important as having an internal culture and experience that guarantee know-how in the latest available technologies.
Success lies in the process
To merge data with artificial intelligence in a way that enhances the business strategy within a Data-Driven culture, understanding and agreeing on priorities is crucial. To do this, it is important to consider each and every phase that makes up the journey of developing a data strategy. Below, we will take a tour of all the phases that make up this journey:
Design:
During the initial phase of the process, it is crucial to establish a solid design foundation to guide the company towards a Data-Driven culture. Here, initiatives such as Data Sprints can be implemented to accelerate data analysis and exploration, identifying key patterns and trends. It is important to set short-term challenges that are realistic and achievable. Simultaneously, it is convenient to establish a proactive monitoring system. For example, at PUE we have created a system called Data Sentinel, which allows early detection of potential problems in data quality, ensuring confidence in the results obtained.
Audit phase:
At this stage, a detailed analysis of all data must be carried out. An audit that ensures the integrity, quality and independence of the data we are going to use to develop our strategy.
Without going any further, permission-based access is crucial to restrict the manipulation of documents and data in a digital archiving system, ensuring authenticity and preventing unauthorized actions. An audit trail also supports regulatory compliance and enables the enforcement of company policies, ensuring compliance with state, national and industry regulations. Data privacy concerns are increasing with current regulations, such as the GDPR, which means preparing for stricter regulations in the future.
In short, the audit phase not only ensures the integrity of the data, but also the sources from which the data originates.
Infrastructure development
Establishing a robust infrastructure is essential to facilitate the efficient flow of data, but the truth is that many of the data environments we use are outdated or do not have the flexibility to evolve in today’s digital environment. Today’s business needs require infrastructures that enable real-time decision making, shortening times and anticipating.
That is why having modern data architectures such as Data Lakehouse or hybrid infrastructures that leverage on-premise and multi-cloud can take your data strategy to the next level.
Tools for decision making
When companies manage to convert information into relevant content for their operations, it becomes a crucial business asset. This process defines which data can be leveraged to generate business intelligence. To do this, it is essential to have the collaboration of subject matter experts and data scientists properly trained.
At PUE, we have some of the best partners in the industry who can help you address important questions: How does data contribute to improving the efficiency of key activities, resource management and cost optimization? What strategies can be implemented to optimize marketing, sales and distribution channels? What value propositions can be developed based on this data?
Data Culture in the organisation
To drive cultural transformation, it is critical to invest in mentoring and training programs. In fact, according to a Gartner report, it is expected that by 2027, more than 50% of CDAOs will focus their budget investment on data literacy and AI program literacy programs.
Something that will enable employees to improve their analytical skills and foster understanding of data concepts, thus contributing to the development of a data-centric organizational culture.
Continuous improvements and optimizations:
To optimize a data strategy, it is essential to establish key performance indicators (KPIs) that are aligned with business objectives, enabling effective tracking of progress. It is also critical to ensure data quality and security through frequent reviews to maintain the integrity of the strategy.
In addition, it is crucial to periodically review and adjust the strategy to ensure its continuous alignment with business objectives and to create control and compliance structures that align with legal requirements and mitigate the risks associated with data processing.
Finally, it is important to engage stakeholders, such as customers, partners and employees, to obtain feedback and refine the data strategy processes.
As we explained in a previous post, the value of data projects must emanate from the line of business, from the point of origin of the data and throughout its journey. Continuous training and flexibility in adapting to possible changes are key to ensure that a data project extends over time and intrinsically throughout the organization.
By following the steps we have mentioned in this article, your company will be better equipped to embrace a Data Driven culture and take full advantage of the potential of your data.
