On Wednesday 12 February, Avaus held an intimate breakfast session with industry leaders showcasing customer centricity in their businesses. The theme of the breakfast was “Data strategy” – something that historically has been an isolated topic for the IT dept, but as of now is starting to become a core part of the overall business strategy.
The primary reason for this is that we all started to realise that the access to relevant historical data can provide significant competitive advantages – coupled with the insecurity on what data (and history of it) that is needed in order to provide such advantages. At that point in time, when you discover a new need for data, it might take you several years of collection in order to have sufficient history to be able to use it. Therefore, you need a data strategy that is securing your access to relevant data when it is needed. It has to be an integral part of the business strategy, since that is what will determine your future needs for data.
Let me give you a very simple (and old 😊) example in Tesla. Their data strategy revolves around collecting all relevant driving behavioural data, so that they can enable solutions for autonomous driving. The business objective is to have full autonomy launched commercially – before anyone else. And their integral data strategy is to make sure sufficient data collection is carried out to support this objective/use case.
So how do I know what data I need?
Your organisation (and Tesla) does of course have multiple other objectives or use cases that will require a history of customer data, in order for them to be executable. So in order to understand what data is or will be needed, we suggest that you start along this process:
- Business strategy: strategic priorities & desired competitive advantages of the future
- Use cases: what would be your short, mid and long-term use cases in order for you to realise the strategic priorities & desired competitive advantages
- Data: what data would you need in order to support your use cases, and how shall it be governed
- Technology: do we have the right technology in place in order to store, harness and use the data efficiently to realise our use cases on a day-to-day basis
- Capacity: do we have the right skills and capacity in order to execute – if not bring clarity in hiring and organisational decisions
- Implementation: implement uses cases in a sprint-like manner and continuously identify quick-wins to further strengthen organisational support (and motivation)
Download the presentation from the event
To get to know more details, feel free to download the presentation from the event. It includes three client cases of data strategy, that were jointly developed with the clients business strategy. It also includes a few hands-on Do’s & Don’ts that might be useful if you are in the process of initiating your data strategy project.