8 Steps to Creating a Data Strategy
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The document outlines eight steps for creating a data strategy to ensure businesses effectively utilize data for competitive advantage. Key steps include identifying business objectives, engaging stakeholders, prioritizing initiatives, and defining a roadmap. The process emphasizes continuous improvement and adaptation of the strategy over time.
8 Steps to Creating a Data Strategy
- 1. 1 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. 8 STEPS TO CREATING A DATA STRATEGY from Silicon Valley Data Science
- 2. 2 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. WHY HAVE A DATA STRATEGY? Data has become critical to achieving competitive advantage in business. With so much data to look at and so many tools to consider, however, it is easy to invest in the wrong platforms and capabilities. Creating a clearly articulated data strategy—a roadmap of technology-driven capability investments prioritized to deliver value—helps ensure from the get-go that you are focusing on the right things, so that your work with data has a business impact.
- 3. 3 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 1. Identify your business objectives.
- 4. 4 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Identify your business objectives. These should become the goals of your strategy; your data will be the means to executing your objectives.
- 5. 5 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 2. Go from objectives to tactics.
- 6. 6 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Go from objectives to tactics. Answer the question: How are you going to achieve your goals?
- 7. 7 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 3. Include all parts of the organization and all stakeholders in the conversation.
- 8. 8 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Include all parts of the organization and all stakeholders in the conversation. This means people from both the business and technical sides of your organization, at a minimum.
- 9. 9 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 4. Look at how technology supports the use cases.
- 10. 10 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Look at how technology supports the use cases. Answer the question: What data technology makes this possible?
- 11. 11 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 5. Exploit patterns and reuse.
- 12. 12 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Exploit patterns and reuse. Look at common relationships and services, and figure out where efficiencies are possible.
- 13. 13 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 6. Prioritize all the things you could do to figure out where to start.
- 14. 14 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Prioritize all the things you could do to figure out where to start. Not all projects are created equal. What matters most to your business?
- 15. 15 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 7. Define your roadmap with an end-point in mind.
- 16. 16 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Define your roadmap with an end-point in mind. Identify a pipeline of projects that take you toward your goal.
- 17. 17 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. STEP 8. Lather, rinse, repeat.
- 18. 18 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. Lather, rinse, repeat. Revisit and reuse this checklist to refresh your data strategy as conditions change over time.
- 19. 19 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. DATA STRATEGY CHECKLIST 1. Identify your business objectives. 2. Go from objectives to tactics. 3. Include all parts of the organization and all stakeholders in the conversation. 4. Look at how technology can support the use cases. 5. Exploit patterns and reuse. 6. Prioritize all the things you could do to figure out where to start. 7. Define your roadmap with an end-point in mind. 8. Lather, rinse, repeat.
- 20. 20 © 2015 SILICON VALLEY DATA SCIENCE LLC. ALL RIGHTS RESERVED. TO LEARN MORE… Click to download our position paper. Or get in touch with us: [email protected]