Historically, differentiation as a business strategy has focused on product and marked development. Data and analytics have been mere support functions.
In the age of digital disruption however, executing a successful data strategy can be a competitive advantage on its own — and that is extremely exciting.
With the vast amount of data companies have available, it is easy to start off by asking your data:
“What can you do for me?”
Don’t!
Align your data selection, models and analytics with your goal. Eyes on the price —what information do you need to make better predictions?
Develop data analysis models that will give you the information you require. Keep your models as simple as possible. With big data and advanced modelling, it is easy to get lost in assumptions that are just too complex.
Communicate your insights in a clear, simple and elegant way. Good communication (and visualisation) will also help build a sustainable partnership between your Data Analytics and Insights people and the rest of the business.
Step up and implement an excellent data strategy, and you may be able to use this as a competitive advantage and position yourself as a star among your competitors.
What do you think? Is it really necessary to have a data strategy? I’d be especially curious to hear the arguments against it.
