Whether it’s a mom-and-pop shop or a Fortune 500 Company, a solid data strategy is imperative for every type of business as data has become the key to creating a competitive advantage. Without this edge, companies fade into the background. But who is responsible for driving to achieve the competitive upper hand? Should the responsibility really fall on the shoulders of one man (i.e. the IT group) as we often see? Data benefits every aspect of an organization and therefore is a collaborative effort. By resetting employees’ attitudes toward data, organizations build a foundation of collaboration and maximize their competitive advantage.
Importance of leadership buy-in
Every employee benefits from good data quality and everyone should take responsibility for the integrity of their data. Coordinating a data expedition can seem intimidating. By leaning upon leadership to own data endeavors, organizations stress the importance of accountability throughout their organization. Leading data strategists agree that when data strategies are managed by the IT Team, the focus is on data storage and not the long term goals of the organization. This is why it is important for leadership to own data strategies and avoid letting these decisions occur in organizational silos; establishing a culture of collaboration and data accountability should start from the top and trickle down throughout an organization. This attitude of data as a foundation will help establish the competitive advantage within the organization.
Collaboration is key
Data is the pulse of a successful organization – flowing across all levels of responsibility. Organizations who view data as a foundational element harness its power in all key decisions across sales, marketing, supply chain, customer experience, and other core functions. Harnessing one’s data in a collaborative state can set organizations apart from their competitors. Martin Doyle, founder of DQ Global, states inadequate data undeniably impacts a business’s bottom line…with the key word here being “business”. It is not IT’s responsibility but an organizational-wide effort to maintain high-quality data usage.
Clear strategies lead to remarkable results
The remarkable results generated by data and analytics boil down to one key ingredient – a clear analytics vision and data strategy. Identifying organizational objectives and staying true to those problems can allow an organization to eliminate gaps in communication and increase effectiveness. Likewise, well-defined strategies drive better organizational decision-making, especially when stakeholders bridge functions. Transparency also contributes to the collaborative nature data inspires by putting information in the right hands at the right time. Creating silos and withholding information inhibits efficiency and prevents teams from working together to achieve the best organizational results possible. When data is shared across departments, such as marketing and sales, exceptional results can occur in lead generation, people management, cross-selling, and pricing. The information and results data provides inspire action across all departments of an organization.
Everyone stands to benefit
When organizations collaborate on data and take accountability for its quality and usage, they see communication gaps dwindle, operational challenges fade, and their competitive advantage rises. Leadership-driven data strategies with a clear vision and departmental participation see the most success when it comes to proactive approaches to data usage. Everyone stands to benefit from better data quality and with holistic support and buy-in from the whole organization, you can truly begin to benefit from the potential of Big Data & Analytics.
Accelerate your ROI with Aimpoint Digital
Aimpoint Digital’s foundation is a team of best-in-class data scientists, data engineers, management consultants, and industry experts who work together with our clients to accelerate strategic vision through data and analytics. Whether it be defining a vision and strategy or executing on tactical use cases, Aimpoint Digital helps you take an idea from thought through execution. This collaborative journey will enable you to get the most out of your data and technology investments. Contact us to begin your acceleration process.