Data Strategy Steps: Business Objectives

 

I have spent the last two weeks going into a lot of detail about data strategies.  We understand now why we need them and their general makeup.  Once you get to know me you will learn I can only browse for success for so long before I will take the risk and go after it.  Today we start the journey to success.  We are going to start taking action to implement our data strategy.

The first thing that I need you to know is that the type of strategy that gets implemented DOES NOT dictate how successful we will be at reaching the business outcome we want.  KNOWING the business outcome that we want will dictate if our business strategy will be successful.  We can hit every technical goal and meet every deadline but if we do not end up with the outcome that the business wanted, we will be branded a failure.  

So how do we get to know the business outcome that we need to aim for?  Communication.  That is the simple fact.  If we cannot find a way to communicate with the business decision makers, we will not understand what they need to move the organization towards a specific outcome.  And just to reiterate we do not care what that outcome is.  Want more profitable sales?  I have a data strategy for that.  Need your customers to be deeper connected to you?  Step right this way I will show you how.  So, what are the high level steps?

• Start with a clear understanding of the business objectives. What are the key business problems that you're trying to solve with data? What are the specific business outcomes that you're trying to achieve? These questions need to be answered as high up the business hierarchy as possible.  Once you have a clear understanding of the business objectives, you can start to develop a data strategy that is aligned with those goals.

• Engage with key business stakeholders. Let’s be clear here, this is not the same thing as getting a clear understanding of the business objectives.  That step is directed preferably from the C-Level or just below of the organization.  When we talk about engaging key stakeholders, we are talking about the people who have been tasked to achieve the goals not set them.  This includes people from different departments, such as marketing, sales, finance, and operations. The more people you can involve in the process, the better understanding you'll have of the business needs and the more likely you are to develop a successful data strategy.

• Conduct a data audit. This will help you to identify the data that you already have, as well as any gaps in your data. You'll also need to assess the quality of your data. Once you have a good understanding of your data, you can start to develop a plan for how to use it to achieve your business objectives.

• Communicate your data strategy to the business. This is an ongoing process that should start from the beginning of the data strategy development process. Make sure to keep the business stakeholders updated on your progress and to get their feedback. This will help to ensure that the data strategy is aligned with the business needs and that it is successful in achieving the desired business outcomes.

Over the next few days, we will go into detail on these points. We will start with understanding the business objectives. How do we make that sentence a reality?

1. Meet with the C-suite. This is easier said than done but if you want success this is the first and most important step. Meet with the CEO, CFO, COO, and other key C-level executives to discuss the organization's overall business objectives. Cannot get to the C-Level?  Then go after the VP's.  You need to know what they are trying to achieve in the short-term and long-term. What are their top priorities?
2. Review the organization's strategic plan. If the organization has a strategic plan, review it carefully. This document will outline the organization's goals, objectives, and strategies.
3. Ask clarifying questions. Once you have a good understanding of the organization's business objectives, ask clarifying questions to make sure you understand them fully. What are the specific metrics that will be used to measure success? What are the challenges that the organization faces in achieving its objectives?
4. Get feedback from other stakeholders. In addition to meeting with the C-suite, it's also helpful to get feedback from other stakeholders, such as department heads, frontline employees, and customers. This will help you to get a more holistic view of the organization's business objectives.
5. Document the business objectives. Once you have a clear understanding of the organization's business objectives, document them in a clear and concise way. This document will be a valuable resource for everyone involved in the organization.  This step will go a long way towards the communication standards that you need to set from the very beginning.  So, once it is documented do not forget to share it will all of the stakeholders and C-Level executives.

Now I need you to listen very carefully to what I am about to tell you.  A lot of your success will depend on YOU.  The people that are at the C-Level of your organization did not get there (for the most part) by accident.  They are at the top of their game.  If you come to them unprepared, they will see you a mile away and your data strategy will be dead before you start. Here are a few things you need to consider:

 

• Be prepared. Do your research before the meeting so that you can ask intelligent questions.
• Be clear and concise. Avoid using jargon or acronyms that the C-suite may not understand.
• Be patient. It may take some time for the C-suite to fully articulate their business objectives.
• Be persistent. Don't give up until you have a clear understanding of what the C-suite is trying to achieve.

Having a clear understanding of the business objectives is the first step in having a successful data strategy.  Spend time here to build that foundation to build on.  You will not regret the energy you spend at this step.