Data strategy, unlike most other technological initiatives, can have a mammoth impact on business performance in the long haul. In this manner, it is vastly different from other technological systems that business users need to be familiarized with. Implementation of data technology requires an approach whereby solving a problem depends on reframing the business procedure itself.

According to a survey by New Vantage Partners, 97% of firms are investing in big data and AI, with the goal of deploying advanced analytics for business decision making. The ultimate goal of digital transformation through data, however, is to improve the organisation holistically.

In order to ensure success over time, enterprises need to understand the following factors:

The human influence:
Introducing data and analytics into the company culture is not the same as adopting a new software programme. It is bound to have an impact on how employees and customers work and make decisions. It would enable employees to imbibe new skills and place them at the fore when data doesn’t have the correct context or parameters to respond suitably. It is necessary to outline the role of humans in data projects and adjust employee roles accordingly. To implement data strategies, companies must understand the goals they are trying to achieve at the human level rather than just the commercial level.

The importance of an organised approach:
Given the novelty of data strategy, an organised approach needs to be adopted. Design thinking is a process whereby every aspect of implementation right from ideation to testing focuses on the end user. In order to ensure that every individual’s experience is satisfying, design thinking can be applied. This would make sure that the bulk of data produced is framed using a variety of methodologies and processes, resulting in the development of scalable insights and solutions. Through channelling all the resources in favour of the end user, it would make it easier for individuals to comprehend the value of the data produced.

Openness to learning and experimentation:
While data and analytics are undoubtedly revolutionizing the means in which companies operate, it must be remembered that these are relatively new technologies. Thus, implementation without a certain level of experimentation isn’t the best way forward. For companies to truly thrive from data-driven insights, employees and executives alike should be open to the possibilities of new ventures and learning outcomes. Data scientists and programmers can be instrumental in helping figure out how the systems can benefit employees. Different strategies can be put to test and the ones that reap best results can be implemented in the long run.

Given all the above factors, it is evident that data-driven strategies go way beyond being mere technological projects owing to their complexities and variables. By acknowledging the human influence, incorporating an organised approach and being open to setbacks, data will reach its true potential.

If you would like any further tips or advice on this topic, feel free to drop us an email at David.fitzpatrick@clearstrategy.ie.