Pillars of Data Strategy

Pillars of Data Strategy

I had created this visual a few months back as part of my data strategy series.
key lessons/reminders:
1. "Culture eats strategy for breakfast". A culture shift is fundamental. Organizations must try new things in a safe culture which encourages experimentation. making mistakes should not deter people.
2. the concept of Sunk costs keeps us too attached to initiatives that should have been abandoned. Learn and pivot quickly instead of sunk costs keeping you from making decisions.
3. The right platform can be figured out with hit and trial. Keep things small. Focus on MVP. It will create enough leverage and support.
4. Data Security, access, the platform are detrimental. Teams need to focus on security shared responsibility vs it being a job of one team. Security automation is key to avoiding mistakes.
4. Business impact is the holy grail of data strategy. Revenue growth, costs reduction, or decisions leading to either of those two will enable a feedback loop of investment. It will still need to be balanced with how much a business is ready to experiment for those gains.

Jeff Bezos and many others talk openly about taking bets which may fail. What %ge of experiments you are willing to see not yielding results should be built in the plan. Know that the ones which will succeed could be 10x your ROI.


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