Building a Data Strategy Your C-Suite Will Support
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The document outlines the importance of developing a comprehensive data strategy that aligns with business objectives, emphasizing its role in creating financial advantages through data leadership. It provides guidance on building and selling the strategy, including engaging stakeholders, utilizing external resources, and establishing governance structures. Ultimately, it highlights the necessity of revisiting the data strategy regularly to adapt to organizational needs and ensure effective use of data across the company.
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Building a Data Strategy Your C-Suite Will Support
- 1. Building a Data Strategy your C-Suite Will Support Reid Colson | Senior Vice President, Data & Analytics | UDig
- 2. Reid Colson 20+ year career in data spanning several roles and industries: • Data Board Member, MIT Center for Information Systems Research • Chief Data and Analytics Officer, Markel • Head of Innovation, Markel • VP, Data Engineering, Capital One • Sr Director, Data Analytics & Data Governance, Capital One Senior Vice President, Data & Analytics, UDig 2
- 3. Why do you need a data strategy? What is a data strategy? How to build a data strategy How to sell a data strategy Table of Contents 3
- 4. Why do you need a data strategy? When you talk to your c-suite, lead with Why so they understand why they should pay attention. Like all of us, they are busy and have a lot going on. Make sure you get their attention up front. 4
- 5. Data leaders are more profitable, but few firms achieve “Leader” stage 5 16% 48% 29% 7% The reason you need a data strategy is that being a data leader in any industry is an advantage that creates measurable financial benefits.
- 6. A data strategy is the key success factor in becoming a data leader 6
- 7. What is a data strategy? 7
- 8. A data strategy is a comprehensive plan 8 A data strategy is a comprehensive plan to employ data and analytics to achieve critical business objectives that touches on four key concepts. Story • Vision • Goals • Plans • Use Cases • Success Metrics Oversight • Delivery Teams & Roles • Stakeholders / Committees • Key Processes • Risk / Issue Management • Program Funding Transformation • Requirements • Delivery Methodology • Data Architecture • Data Infrastructure • Data Governance Culture • Change Management Plan • Education & Training • Communication Plan • Role / Job Family Structures • Communities of Practice
- 9. Keep a few best practices in mind before you begin 9 • Lead with the business strategy and business objectives • Identify and leverage a strong executive sponsor • Bring key influencers into the process early • Look at your entire organization but prioritize focus areas • Pessimists and detractors can be your biggest allies
- 10. How to build a data strategy 10
- 11. Build the data strategy as a formal program 11 Interviews Document & Policy Analysis Current State Articulation Future State Articulation Final Deliverables 1 SET UP YOUR STEERING COMMITTEE Governance, oversight, communication, and milestone reviews 2 ESTABLISH THE WORKING TEAM Identify strategy development resources, secure time, bring team up to speed, share objectives, and kickoff the effort Because of the breadth of the data strategy, a formal operating program is useful to marshal resources and manage a wide range of considerations.
- 12. Leverage external resources and partners for credibility and speed 12 Maturity models provide an objective structure to evaluate current versus desired state Consulting partners can accelerate the process and provide guidance and expertise to help manage key risks Product vendors can offer training and help getting ramped on their tools You don’t have to go it alone in building a data strategy. There are many resources and partners you can engage to increase your chances of success.
- 13. Build artifacts to communicate, execute, and govern the data strategy 13 High level roadmap along with a delivery plan covering investment, resources, and milestones Organizational views that show teams, ongoing committees, and training required to deliver the target state A plain language strategy and objectives outlining costs, benefits, and timing A target state architecture showing the future achieved via the data strategy Data Strategy Vision Ensure everyone can easily use data to do their best work in any role: • Data is trusted and high quality • Data is accessible and well-documented • Data is current • Data is easy to use
- 14. How to sell a data strategy 14
- 15. Begin with the end in mind 15 Selling the data strategy begins before you launch your program Strategy Activity Purpose • Thoughtful engagement of key executive stakeholders early in the process • Determine metrics and key strategy benefits • Wide evaluation of business challenges and opportunities to prioritize focus • Creates natural sponsors and evangelists for the data strategy • Building a business case to show the value of the data strategy • Uncover potential strategy partners and use cases with high potential return
- 16. Craft a clear business case showing the value and timing of costs and benefits Ensure everyone can do their best work by making trusted data easy to find and use throughout all areas of the organization. OBJECTIVE $5MM $15MM Project Cost (3 Yrs) Benefits (3 Yrs) $7.5MM 18% Net Present Value ROI ANALYSIS FINANCIAL OPERATIONAL CUSTOMER EMPLOYEE RISK MGT • New revenue • Cost reduction • Better cash mgt • Improve efficiency • Better time to market • Higher product quality • Higher satisfaction • Improved retention • Increased referrals • Longer staff retention • Improved culture • Higher engagement • Better data security • Compliance w/ GDPR • Resiliency FINANCIALS BENEFITS (2,500,000) - 2,500,000 5,000,000 7,500,000 10,000,000 Yr 1 Yr 2 Yr 3 Costs Benefits Net Illustrative #’s Download the Excel Business Case Template
- 17. Focus on the benefits and help key leaders visualize the future 17 • Labor-intensive data entry and data prep work • Data source connections continually reestablished • Manual work required to gather and consolidate data across various applications / sources • Multiple data sources; inconsistent information • No single version of truth for reporting Today: slow, manual, latent, low quality Tomorrow: fast, automated, easy, trusted • Data is governed: cleansed, prepared, trustworthy • Detailed and trending data analysis • Data stores are updated automatically, as are reports / graphs / visualizations • Focus shifts from manually preparing data to analyzing and building predictions using data
- 18. Be thoughtful about your communication strategy 18 You likely won’t get the support you need in a single meeting. You’ll need to garner support, build evangelists, and work up to the decision-making forum through a series of conversations. Trusted Partners Supportive Executives Potential Detractors Decision Forums Make sure key peers and your program team are all aligned with the message and iterate to incorporate their input and feedback. Socialize with trusted executives first to get guidance. See who might not be on board and help them with message points to help evangelize. Approach potential detractors to uncover points of concern before heading into any formal decision-making meetings. Go into the forum knowing you have the support you need due to the up-front legwork to socialize the plan. By the time you get here, you should already have the buy-in you need.
- 19. Wrap up 19 • Creating a comprehensive data strategy is the key to successfully monetizing your data. • Including key influencers early to shape the strategy and help influence buy-in. • Leveraging external resources builds credibility and accelerates your strategy formulation. • Running a data strategy as a program helps orchestrate many moving pieces and emphasizes importance. Your data strategy is a living document and should be revisited on a regular basis to ensure it fits the organization's needs.
- 20. We’re Happy to Help You on This Journey: UDig Data Capabilities Advise Design Ingest Analyze • Data Strategy • Data Governance • Data Quality Our experts ensure your data strategy aligns to your business goals and you are positioned for long term success. • Requirements • Platform Selection • Design & Migration • Data Modeling We help businesses select and migrate to the data platform that will be most effective in meeting their objectives. • Data Integration • Data Cleansing • Data Warehouses • Data Lakes Bring disparate sources of data together to enable business processes and decision making. Create insights you can monetize via business strategy through visualization and analytics. • Visualization • Automated Reporting • Advanced Analytics Our engagements typically start with discovery to ensure our approach aligns to your business goals before we make recommendations.
- 21. Business is a journey. And the roadmap to success is never a straight line. Through creative solutions and problem solving, our team enables yours to plan, build, and transform on your path from good to great. Then, we leave you better. You have key business objectives to meet, and our partnership-based approach allows us to effectively help you achieve those goals. From strategy to transformation, your journey is unique, so you deserve a technology solution that is tailored to you. About UDig 21
- 22. [email protected] linkedin.com/in/reidcolson Let’s Connect Senior Vice President, Data & Analytics, UDig 22 Reid Colson Dig In Download Business Case Template | ROI Calculator Read Data Case Studies Data Blogs