Seven steps: Developing a successful data strategy
Let’s walk through the 7-steps to developing a successful data strategy, along with a roadmap that aligns with your business goals. If you've been looking to revise your current data strategy or compare data strategy frameworks, we hope this helps.
#1 Start with a Data Strategy Consultant
Cutting out false starts makes getting external expert guidance a very valuable exercise. Notitia's data strategy consultants are Melbourne and Adelaide-based (with services Australia-wide) and bring a jaw-dropping wealth of experience and industry insights to the table.
They can help you assess your current data landscape, identify pain points, and chart a successful path toward a value-driven and robust data strategy.
#2 Develop a Data Strategy Framework
A solid data strategy requires a clear, but simple framework. Your Data Strategy Framework will outline your organisation's:
- data-related goals
- objectives, and
- key performance indicators (KPIs).
This is the backbone; ensuring that your tactical implementation is aligned with your overarching business vision.
#3 Plan how to address business challenges (before they become problems)
Before diving into implementation, understanding how your business will overcome data challenges plays a big part in the success.
- Identify the specific challenges your organisation faces, such as data silos, quality issues, or lack of data governance.
- Outline the steps and resources required to address these challenges effectively.
#4 Create a Data Strategy Roadmap
Here, we pull together work from your data strategy framework and challenge analysis to create your data strategy roadmap.
A data strategy roadmap acts as a visual guide, detailing the timeline for implementing various components of your strategy. It helps you track progress, allocate resources, and stay on course, ensuring that your strategy remains dynamic and adaptive.
#5 Setting up your business to successfully implement your data strategy
Implementation involves setting up the necessary infrastructure, tools, and processes to execute your data strategy.
It's crucial here to ensure that your team is well-equipped and trained to handle data effectively.
Consider leveraging external data strategy services to complement your in-house capabilities.
Notitia works closely with our clients to help with data strategy implementation, which includes many of the puzzle pieces including vendor selection, data integration, analytics, technical training and data governance solutions to streamline data strategy execution.
#6 Data literacy is a "whole-of-business" thing
To ensure that your objectives are met and understood by your organisation, remember that data literacy is crucial for your people across your whole business.
Data integration and analytics platform Qlik recently commissioned Omdia to compile their report Driving Data in the APAC Public Sector: Balancing Governance and Innovation.
Qlik 's report found that while 90% of respondents had a data strategy in place for their organisation, around half believed that their goals and objectives were not understood by the business.
#7 Again, don’t forget about data quality + data governance
Successful data strategies are built on a foundation of best practices. These include data quality management and data governance frameworks to ensure that your data remains reliable, compliant, and secure.
Excellence Data Governance = Excellent Data Quality. Data Governance is the overall management of the data in your business. It considers the availability, usability, integrity + security of data.
If you'd like to see how our team can help, check our data quality + data governance services.
About Alex Avery, Notitia Managing Director + Founder
>Questions about how we can help? Book a meeting.
Alex Avery, Notitia Founder and Managing Director, heads our operations in Melbourne to provide data analytics and digital transformation services to more than 60 clients across Australia.
He is highly regarded for his ability to quickly analyse complex operational scenarios and provide workable solutions to achieve business objectives. This, along with considerable experience in the management of technical and business teams across both project environments and "business as usual" is the reason why most clients have come via word of mouth.
Having spent close to a decade working across Australian and global startups, Big 4 consulting and academia, Alex launched Notitia in 2019, which has since skyrocketed in growth.
Today, Alex leads his expanding team across data + analytics, design + development + strategy to help Australian clients solve their data challenges.
He sees technology as an enabler and partners with the biggest vendors to utilise best of breed software.
With the right technology and expertise, Alex says that problems of any size can be solved through valuable insights from accurate data.
Book a chat with Alex to find out how he can solve your data challenge.
