You have heard it many times, "Data and analytics must be integrated into your business practice." But you must ask yourself first, "Is your organization ready for a dramatic change?" There are many principles that must be addressed prior to engaging in a data strategy for your company:
1. End Goal(s) and Roadmap
- What are you hoping to gain?
- Do you understand your company's pain points?
- Do you have your company's challenges and end goals well defined?
Without having a strong understanding of the challenges that your company is facing, it may be difficult to create a roadmap and strategy that will best direct you to successful results.
2. Company Alignment
Is your organization aligned to adopt a more data-informed culture? Without all hands on deck, new roles and responsibilities may not be taken into consideration and aid in the development of a sustaining and impactful data strategy. All company leaders must agree on educating the enterprise and then allocating responsibilities for new processes and procedures to either current employees or new hires.
3. Garbage In, Garbage Out
If you're handling low quality data or have poor data management techniques, then the end result will be of no use.
What goes in, will inevitably become the end result. In this case, if you're handling low quality data or have poor data management techniques, then the end result will be of no use. It is imperative to have processes and procedures in place and to also use the right tools, applications and resources for proper data cleaning and modeling. Maintaining a high standard for data integrity and accuracy is incredibly crucial for results to be useful.
Before purchasing a new tool, a new application, or even hiring for more advanced data roles, be sure to have these 3 principles in mind. It's not imperative to have all 3 principles solidified, but at least on your radar, so when you do bring in the experts, you're ready to make them as effective as possible in the least amount of time.
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To discover 3 reasons why your company needs to adopt a data culture, click here.
Learn how a privately owned grocery store got started with their data and analytics strategy here.
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