By Clarity Insights,
Clarity Insights is a strategic partner to the nation's leading data-driven brands.

 

Cross-industry studies show that on average, less than half of an organization’s structured data is actively used in making decisions—and less than 1% of its unstructured data is analyzed or used at all. More than 70% of employees have access to data they should not, and 80% of analysts’ time is spent simply discovering and preparing data. Data breaches are common, rogue data sets propagate in silos, and companies’ data technology often isn’t up to the demands put on it. CIOs and CDOs need a comprehensive data and information strategy and detailed roadmap to steer the organization towards becoming data-driven.

Gone are the days when data was treated as a byproduct of business operations. Organizational leadership have started accepting the value of data, treating data as an enterprise asset and are investing significantly in people, process and technology to derive insights out of their data assets. The problem many CIOs and CDOs have is building a business case to invest in a comprehensive data strategy and establishing the ROI.

The truth is it’s extremely important to have a clear line of sight, a strategy and roadmap that clearly exposes the current state of the organization and its ability—or inability—to use enterprise data for decision making and establishes the organizational business priorities and the data and technology capabilities to align with these priorities.

Once the opportunities and gaps are identified, develop recommendations for improvement and get organizational approval for a prioritized list of capabilities to be implemented. A high level overview to implement these capabilities along with budgeting and staffing options and expected outcomes will be included in the roadmap, which will go through a few iterations and stakeholder approval.

Below is a quick summary of best practice approach to delivering an enterprise data strategy and roadmap.

  1. Develop project priorities
    1. This is typically the first step of any strategy and roadmap planning process. Also known as Current State Assessment, this is where the key organizational stakeholders are identified and interviewed to prioritize key business drivers. Tools like business value maps, analytic and data maps are used to establish the business value proposition and the data and analytic capabilities that will enable value creation.
  2. Build capability strategy
    1. Through the stakeholder interview process, organizational pain points and opportunities are identified. Using a best practice maturity model the organizational capabilities are measured to create an organization maturity rating. This, along with stakeholder feedback, will provide the justification for executing on the enterprise data strategy and roadmap
    2. Future state recommendations are developed to fix the pain points and gaps identified along with an architectural blueprint supporting the future state capabilities
  3. Build project roadmap
    1. Project charters are developed for each capability identified for implementation, providing an overview of the business initiative and explaining the business problem to be solved, the key decisions supported, foundational data subject areas and the business outcomes
    2. A detailed estimate of the effort involved to deliver each of the capabilities is developed along with staffing plan and implementation budget
    3. The end product is a 12 to 36 month roadmap supporting an overall data strategy
Screen Shot 2017-09-20 at 2.47.24 PM.png

This framework for a data strategy and roadmap is a great place to start on your journey to a more data-driven organization. Have questions about specifics, or want to know what else you need to consider to keep up with changing demands? Reach out to one of our experts today to get the conversation started.

You may also like:

Data Strategy Advanced Analytics

Stop Using ‘Disruption’ if You Can’t Define It

“You can’t manage what you can’t measure.” This familiar phrase captures how companies struggle as they seek to establis...

Data Strategy

Strategies to Build and Clarify Your Business Goals for Digital Transformation

Get Past the Jargon and Onto Results There’s enough jargon out there to make your head spin. Digital transformation. Dig...

Data Strategy

What’s Your Next Move? Data Insights Creates Opportunity for Visionary Insurers

For almost anyone, insurance is best when unseen. It’s always good news when there are no incidents to speak of; yet whe...