Step Aside Sales and Marketing
Here comes Data Analytics and Insights!
Historically, differentiation as a business strategy has focused on product and market development. Data and analytics have been mere support functions.
In the age of digital disruption however, executing a successful data strategy can be a competitive advantage on its own — and that is extremely exciting.
With the vast amount of data companies have available, it is easy to start off by asking your data:
“What can you do for me?”
You have to align your data selection, your models and your analytics with your goal. Your data strategy should include a thought through plan on what data you want to use and why. What information do you need to make better predictions and better decisions?
Then you move your focus to the development of data analysis models that will give you the information you require. Make sure your models are as simple as possible — it is easy to get lost in assumptions that are just too complex.
The insights you extract from your data models and analytics have to be communicated in a clear, simple and elegant way to the relevant decision makers in your organisation. Good communication will also help build a sustainable partnership between your Data Analytics and Insights people and the rest of the business.
If you step up and implement an excellent data strategy, you may be able to use this as a competitive advantage and position yourself as a star in your competative landscape.
And remember, any strategy process is a loop with continuous improvement potential. It is a never-ending process.
By: Ellen Jacobsen