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Test Your Understanding and Discover the Benefits of a Strong Data Strategy!
Data Strategy Health Checkup
The world of data and analytics is evolving at a fast-and-furious pace, and a robust data strategy is more important than ever before. But how well do you understand the importance of data strategy and the benefits it can bring to your business? Take our quiz and find out!
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How familiar are you with data strategy concepts, including data governance, data modeling, data architecture, and data management?
That’s okay! Familiarizing yourself with these concepts will help you understand the importance of creating an environment where your data drives business value in your organization. Check out this blog post on the importance and benefits of a data strategy to get you started.
Great! Understanding the importance of how to integrate, manage, and govern your data is critical to getting the insights you need from it.
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How aware are your organization's executives and business leaders of the importance and benefits of a data strategy?
Take time to promote data's importance to executives and business leaders. Let them know how a data strategy can benefit them and how not having one can cost them. Compare your organization's business goals with how well data is supporting it today. How well your data is aligned to supporting your business can illustrate business objectives and technology needs, potential areas of immediate focus, and low-hanging fruit opportunities during roadmap development.
Great news. Having a data strategy is hugely beneficial—and not having one, potentially extremely costly. Bonus points for educating yourself on the value of a data strategy!
3 / 6
Does your organization have a team in place responsible for developing a data strategy?
Even if you’re a chief data officer or head of analytics, you still need a cross-functional team of business leaders with a vested interest in your data strategy who will refine, sell, and ensure buy-in throughout the organization. Getting buy-in is critical, so talk to your business leaders about creating a team.
Perfect. A cross-functional team of business and IT leaders with a vested interest in your data strategy can help ensure that your data strategy gets buy-in throughout the organization.
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Do you have a firm understanding of your organization’s current state when it comes to data analytics?
Whether you hire an external consultant or assess yourself, understanding your current data and analytic capabilities is critical. A unified understanding gets everyone on the same page and creates a homogenized view of where you are in your data and analytics journey. This is important because, coupled with an understanding of your business objectives, it lays the foundation for developing a future state your business requires.
That’s what we want to hear! Understanding the data and analytics capabilities of your organization today helps you measure your progress and set goals accordingly.
5 / 6
How familiar is your team with proven methods for developing data strategies and modern data analytics platforms?
It’s imperative that you educate your team on core concepts and best practices in data analytics—try providing a workshop to help everyone understand. Any current state assessment findings should also be reviewed at this time. When drafting a data strategy, gather your team for a workshop to define a vision, goals, metrics, primary use cases, and risks after educating them. It’s a journey. Knowing your current state (where you start) and your vision and goals (where you want to be) is critical to developing a realistic path to get there (what needs done).
Great news! Be sure that education is ongoing! As a team you should be able to define a vision for your data strategy, goals, metrics, primary use cases, and risks, as well as come up with ways for achieving each of the goals based on industry best practices and proven methods for delivering an actionable data strategy.
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Does your team have a data strategy roadmap and timeline to help with execution?
Developing a detailed roadmap and timeline is key for executing your data strategy effectively. This should include an understanding of any dependencies, financials, risks and mitigation strategies, communication and change management plans, data governance rules and processes, and metrics to monitor progress. Here’s a blog post that can help you get started.
Fantastic! Here are a few things our team recommends including in that roadmap: an understanding of any dependencies, financials, risks and mitigation strategies, communication and change management plans, data governance framework, and metrics to monitor progress.
In 2023, companies need a data strategy more than ever as the landscape of data management and analysis continues to evolve and become increasingly more complex.
A data warehouse is a storage system that enables you to track crucial data points over time and analyze them to run your financial operations smoothly and make sound decisions.
Data lakes are centralized repositories of data that are helpful for compliance purposes, performing forecasts, risk assessments, and understanding customer behavior.