Data Strategy

Data STRATEGY
A commitment to improving / or even transforming your

business
Data strategy in practice
• Establish a data strategy

• Making infrastructure investments and collecting and analysing data
• Expected results:
- Better decisions
- Improved business operations
- Increased revenues
Attitude is key
• The essential role of senior leadership!
• Misconceptions:
- We are not a data company
- Is too expensive
- We already have more data than we need
- Everyone else is already ahead of us
- Our customers aren’t asking for it
- ...
• How can we overcome these misconceptions ?
- Education
- Concrete examples of how data can benefit business
Revisiting the data strategy
• How the data and analytics technology has moved on
• Whether your business needs have changed
• Rule of thumb: you should review and revise your data strategy at least once
a year
Data use case template
1. Link to the strategic goal

• What is the strategic goal that this data use case will support?
2. Objective and business questions

• What is the objective of this data use case?
• Can you articulate any business questions this data use case will help you answer?
3. Measurements of success (KPIs)

• How will success be measured?
• What business metrics will this initiative impact?
• What will be the key results?
4. Use case owners

• Who will be the owner or sponsor of this data use case?
Someone who will take overall responsibility for ensuring that the use case
will be delivered (planned and implemented at the tactical level )
- the deployment of the technology and the data
- The monitoring of the performance metrics
- Reporting the outcome
5. User and data customers
• Who will be the users or data customers?
• Who will be the consumer of the insights?
People and business functions that will monitor and act on the insights
discovered by the use case
6. Required data
• What data will be required? (internal/external, new/existing,
structured/unstructured…)
7. Data governance
• What data governance, data privacy, data access, data ownership and
data security challenges are there?
8. Data analytics and analytics
• How will the data be turned into insights?
• What are the proposed analytics approaches?
- Simple calculations (descriptive statistics, analytical models…) – MSExcel
- Complex ML algorithms
9. Technology
• What are the technology challenges and requirements? (data collection, data
storage, data processing, data output)
10. Skills and capacity

• What are the challenges about skills, capabilities, capacity and resourcing?
• Who will deliver? (in-house/ outsourced/hybrid)
11. Implementation and change management

• What are the implementation and change management challenges and
requirements?
Use case. A targeted marketing
campaign aimed at ice cream lovers
Business Context
• A small ice cream shop. The owner and part-time sales assistants (in busy
periods)
• Strategic goal: to attract high lifetime value customers and therefore
increase revenues
• Assumptions:
- We’ve already conducted market research when determining our overall
strategy and understand that we can more effectively increase our revenues
if we attract a specific customer demographic
- We decided to call them “Ice cream lovers” - people who spend a higher
proportion of their income on ice cream rather than people who just like ice
cream and buy it occasionally
1. The objective of the use case
• More accurately targeting marketing campaigns at the “ice cream lover “segment
- How do we define an ice cream lover?

- What age range are our most valuable customers in?
- Where can we place marketing to most effectively engage with this segment?
2. Measuring the success
• CLTV
• Overall revenues
3. The owner of the use case
• The owner of the ice cream shop
4. The users
• The owner of the ice cream shop
5. Required data
- What data do we need?
- What type of data? (structured/ unstructured)
- Where can we find the data?
• Sources: our market research, customer transactions, customer loyalty system, business metrics (revenue by
custome…r)
6. Data governance
• Mostly personal data
• The most of it: from the tech companies that provide targeted advertising services - Anonymized datasets
7. Analytics
• How we analyse the data and turn it into insights?
- Corelation analysis
- Cluster analysis
8. Technology requirements
• We start with small steps that have a low barrier to entry in terms of costs and
compliance, and move to more ambitious projects as or business grows
• Targeted AI-driven marketing services provided by search engine and social media
companies
9. Skills and capacities
• The tools we have chosen are designed to be very simple and require little
specialist knowledge.
• Still, for someone with no experience in running online advertising – courses
offered by Google for example on how to make the most of its AI-powered
marketing platform
10. Implementation
• The owner – no issues related to change management

Data Strategy

Uploaded by

Copyright:

Available Formats

Data Strategy

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Data Strategy

Uploaded by

Copyright:

Available Formats

Data STRATEGY

A commitment to improving / or even transforming your

• Establish a data strategy

1. Link to the strategic goal

2. Objective and business questions

3. Measurements of success (KPIs)

4. Use case owners

10. Skills and capacity

11. Implementation and change management

- How do we define an ice cream lover?

2. Measuring the success

• How we analyse the data and turn it into insights?

You might also like