With data taking the center stage for driving the success of enterprises across various industries, it has become increasingly crucial for CIOs to understand how to build a successful data strategy.
As the enterprise landscape moves towards a completely virtual business model, the importance of high-quality data that drives the successful adoption of products and services has significantly increased. CIOs are witnessing the role of data in driving the success and failure of digital transformation initiatives.
With data becoming increasingly more complex, it has become increasingly difficult for CIOs to leverage its potential to the full extent. Therefore, they must adopt a few approaches that can help launch a successful data strategy to make informed decisions. This will not only help to strengthen and leverage the full potential of data but also enable them to actively contribute towards the growth of their enterprises.
4 ways that CIOs can leverage to launch a successful data strategy
One problem at a time
In order to build a data-driven company, quite often CIOs would start by cleaning all the data at their disposal. This step can be detrimental to the business process as it costs a lot of money and time. It may be smarter to prep the data that has business value and directly addresses a specific business issue. By using analytics technology, they can find the key sources where cleaning the data can have a massive positive impact on the business operations and thus enable them to make better business decisions.
Open to ideas
Even though enterprise business partners understand the power of data, they are often unable to identify what data they need and how they can use it. And, on the other hand, IT organizations have the ability to collect, secure, structure, and serve the data but often lack the ability to effectively leverage it.
Hence, CIOs must consult with their IT teams, specifically data scientists, to share their own ideas. They can ask them to take a creative approach to it and ask them to build data models that their customers and board members can use to make informed decisions.
Attract data scientists
To effectively leverage the power of data, enterprises need data scientists. As easy as this task may sound, it has become difficult for enterprises to recruit qualified data scientists.
One step CIOs can take to acquire highly skilled data scientists is offering interesting work that creates a positive impact on the business operations of the enterprise.
Data scientists desire to work on data that has both depth and breadth, alongside advanced tools and techniques. Furthermore, they want their data models to be utilized in a way that enable business partners and customers to use it in an efficient manner.
By offering interesting data that challenges the data scientists to integrate unstructured data with the structured one, CIOs have a better chance of hiring and retaining highly skilled individuals.
Also Read: Focus areas for CIOs in 2021
The final word
Working on increasingly complex data can be a daunting and time-consuming task. However, CIOs who are open to experimentation and continuously assessing and evolving their data strategy are the ones that will be able to launch a successful data strategy.