Developing an Innovative Data Strategy
Part of creating an innovative data strategy is acknowledging the path your company is on. Many organizations have defined rules and policies regarding data management without the critical elements that make for an innovative data strategy. Creating a honest benchmark of where you are is the surest way to realistically manage where you want to be in the future. So before trying to justify cost and resources, try taking some time to ask questions that will elevate your organization toward a better strategy:
- In what ways are our current data policies adding value to the business process?
- Is our data being delivered in a way that’s relevant to all our business users?
- Does our data strategy differentiate us from our competitors?
Adopting an innovative data strategy makes data an asset to the business process, empowers the whole company to make better decisions, and encourages a vision that competitively differentiates the organization. The key to adoption is comprehension. Understanding the business processes of the departments you serve will ultimately determine the features and functions that are the best fit for your company. An innovative data strategy should reflect an understanding of cross-functional relationships and objectives under a unified approach. For example, everyone likes the Apple brand because it’s approachable and enjoyable. These are not terms traditionally associated with Business Intelligence, but that doesn’t mean that a successful BI system can’t build off of these characteristics. Looking for opportunities that connect innovative technologies with relevant business needs gets you part of the way there, but delivering it on an enjoyable tool with intuitive navigation will increase employee use and efficiency. Another way of maintaining relevance and accessibility is through agility in response to data changes. This is why social media has been such a hot topic – its value lies in the ability to tap into organic opportunities in real-time. Solutions that integrate structured (traditional) and unstructured (media) data are the ones that are going to be most relevant to your competitive advantage. iVEDiX uses this model and others to determine where our clients are and, with due diligence, where our company can take them. These destinations cannot be reached through one-off applications aimed to remedy a single layer, but require mastery of the evolutionary process. This is the knowledge that our team is using to help companies around the world develop an innovative data strategy.
What do you think are some important factors in developing an innovative data strategy?