#214 The Three Steps Of A Successful Data Strategy with Felipe Flores, Data Futurology Founder and Podcast Host

This week on Data Futurology we answer a burning question that is asked in the data space a lot: just what makes a good data strategy?

As we discuss, there is no one-size-fits-all approach to data strategy that will work for all organisations. This cannot be approached like a templated “best practice” to business. Instead, there are three factors to consider when devising the data strategy that will work for your business:

1) Defining where the organisation is on its journey today. How a business just starting out with data needs to approach strategy is different to an organisation with a mature data practice.

2) Deciding on where the organisation wants to get to. This refers to the need for organisations to get buy-in across the business to a data strategy. Without that alignment the project is prone to failure.

3) Developing the execution path, to take the organisation from where it is now, to where it is going to be. The better defined this pathway is the more likely it is that the project will stay on-track and on-goal.

What distinguishes a good data strategy is one that is aspirational in nature. “Aspirational” doesn’t mean that the goal needs to be futuristic or difficult to achieve. It could be grounded and realistic, and simply an effort to step up from where the organisation is currently. But having that clear goal and a vision for the value it will deliver to the organisation at the end of the journey is critical to motivate the effort behind the data strategy.

In this in-depth discussion, we lay out the approaches and use cases that motivate successful data strategies and highlight how organisations can approach each stage of the journey.

Enjoy the show!

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WHAT WE DISCUSSED

0:00 Introduction

1:09 How do you devise a data strategy? What sets apart the good from the bad  in a data-driven strategy?

3:30 Data strategies encompass everything, they are broader than analytics, AI and tech strategies.

5:10 Get alignment on where the organisation is today and where it wants to be  in the future.

7:45 The importance of having a prioritised set of use cases for your data strategy.

10:05 The four components needed to help you prioritise data use cases.

12:50 The two sides of organisational readiness.

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