7 Signs Your Company Needs a New Data Strategy
According to CIO Dive “a mere 13% of data and analytics projects reach completion, and of those that do, only 8% of company leadership report being completely satisfied with the outcome.”
What are the signs your company needs a data strategy:
- You have too many data silos spread across your business – no integration of data, duplication of data and different answers to the same questions
- Typically companies are only using 1% of their data – you don’t know what data you have and therefore cannot attach any value to it
- Hadoop is the answer to all your data needs – buying the technology of the day doesn’t make a data strategy.
- You have too many KPIs / metrics that are alike in their output. Thing hard about what you want to measure not just for the sake of it.
- Once you have the results from your data analysis, you don’t know what to do with them – no data-driven decision culture has been embedded into the organisation
- There are little or no owners of business data – when it comes to governance no one has the time to manage the data, so that it’s happy to be analysed and robust enough. Data quality sucks!
- Executives and management scratch their heads – reports are often out of date and static. Which is often frustrating and time consuming!
Developing a solid data strategy is about embedding data-driven decision making, and being able to create data applications inside your company to help achieve your strategic goals and crush the competition!