Data Strategy Road Map: Are we there yet?

 


The first part of our data strategy journey is picking the destination.  What business objectives are we trying to satisfy?  Once we know where we are trying to go we have to decide how we are going to get there.  Its time to chart out path!  So how do we do that?  

Just as when you are trying to get to a physical location we will not only need something that we can use to help track our path but it has to have a clear and understandable path. We need something called a data strategy road map. This is going to be a document that outlines the steps an organization will take to achieve its data goals. It typically includes a timeline, milestones, and resources needed to implement the strategy.

So how will this road map help us accomplish our data strategy? The following four outcomes will come from using a good road map.

  • Align data goals with overall business goals. This ensures that the organization is using data in a way that is beneficial to the business.
  • Prioritized data initiatives. Not all data initiatives are created equal. A data strategy roadmap can help organizations to identify the most important initiatives and focus their resources on those.
  • Track progress and make necessary adjustments. A data strategy roadmap can help organizations to track their progress towards their goals and make necessary adjustments as needed.
  • Communicate data strategy to stakeholders. A data strategy roadmap can help organizations to communicate their data strategy to stakeholders and get buy-in for the initiative.

This is all great in theory. How do we know it works? Who has already been here and succeeded? There are quite a few companies that have set the standard for us. Here are a few. When you think of these examples I hope your personal interaction with them will come into better focus. I think your real life experiences here will help you to agree that their road maps worked.

  • Netflix: Netflix uses a data strategy roadmap to identify and acquire new customers, personalize its content recommendations, and optimize its marketing campaigns.
  • Amazon: Amazon uses a data strategy roadmap to improve its product recommendations, optimize its supply chain, and reduce costs.
  • Walmart: Walmart uses a data strategy roadmap to improve its customer insights, optimize its inventory management, and reduce fraud.
  • The Coca-Cola Company: The Coca-Cola Company uses a data strategy roadmap to improve its marketing campaigns, track its sales performance, and identify new product opportunities.
  • The Ford Motor Company: The Ford Motor Company uses a data strategy roadmap to improve its product development process, optimize its manufacturing operations, and reduce costs.

So now we know a data strategy roadmap is an essential tool for any organization that wants to use data to achieve its goals. How do you make your own data strategy road map so that your organization can succeed?

Here are the basic steps you will need to take:

  • Start by defining your data goals. What do you want to achieve with your data? Once you know your goals, you can start to develop a roadmap to achieve them.
  • Identify the stakeholders who will be involved in the data strategy. This includes people from all levels of the organization, including senior leadership, IT, marketing, sales, and customer service.
  • Get buy-in from senior leadership. A data strategy roadmap is more likely to be successful if it has the support of senior leadership.
  • Gather data about your current data landscape. This includes the data you have, where it is stored, and how it is used.
  • Develop a plan to collect, store, and manage your data. This plan should be aligned with your data goals.
  • Identify the tools and technologies you will need to implement your data strategy. This includes software, hardware, and people.
  • Create a timeline for implementing your data strategy. This timeline should be realistic and achievable.
  • Track your progress and make necessary adjustments. Your data strategy roadmap is not set in stone. You will need to track your progress.
  • Be flexible and adaptable. The business environment is constantly changing, so your data strategy roadmap should be flexible enough to adapt to changes.
And most importantly COMUNICATE.  Road maps do not hold the business accountable if no one knows there is a road map.  Road maps do not help the worker bees do their job if they do not know that there is a road map.  Are you getting the point?  Road maps DO NOT work if no one knows that there is a road map.

So now that you have your road map, how will you know when you get to your destination?  That will be the topic of the next blog in this series.

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