So you have the right technology, and an analyst or data scientist or two on staff. Is that enough to claim you have a full data and analytics (D&A) strategy? No – it’s not.
Much more is needed – and most organizations are not there yet:
- Buy-in at the senior leadership level.
- A deliberate D&A strategy, with a common understanding of and commitment to the strategy across departments, including objectives, goals and measures of success.
- The willingness to build the right cross-organizational structures and processes, and commit the appropriate technological and human capacity needed to implement and sustain the strategy.
- Full integration of the D&A strategy with the business strategy, so that analysis truly drives decision making.
- The willingness to change direction if your analysis indicates that’s the right thing to do.
- Full involvement of non-D&A staff – the business experts – into the strategy.