Big data planning is crucial to your digital success. Your data strategy shouldn’t be written once and then set in stone; instead, it must evolve on a regular basis, so your business can use information to create a competitive advantage.
The world of technology is in constant evolution: new applications, services, and companies emerge all the time. While it’s great for your business to have data-led objectives, these aims are likely to become outdated quickly if your organization doesn’t regularly review big data planning in line with quickly changing market conditions.
Technology doesn’t work in isolation—it requires talented people to make it useful. In a digital age where information is so valuable, skilled data specialists will always be in high demand. If your talent moves, you can’t be left with a capability gap. To avoid this, you must have succession plans to ensure business continuity in your data strategy.
While most transformation programs last between three and five years, the fast pace of digital change means the technology environment will change radically across that time frame. Think about how data technologies have already changed: five years ago, the focus might have been solely on Hadoop; today, digital leaders are also concentrating on the cloud.
In another five years, digital leaders will be focused on other areas, such as artificial intelligence, machine learning, or blockchain. Further in the future, those technologies will be supplanted by new, not-yet-known innovations. In order to keep up, you must constantly assess your big data strategy to ensure that your approach works at a cost that’s right for your business.
Most executives will undertake a big data project for a specific function or domain within the business. That project will require an ability to assemble information from a disparate range of sources. Keeping a tight grip on those sources and the business’s requirements is a tough challenge, especially in an era of constant change, says researcher Forrester. Concentrating on three key factors should help:
Finding the right factors to assess is just part of the problem. Senior executives must also ensure that these factors are measured correctly. Analyst Gartner says many companies struggle to assess the value and quality of their data strategies. Digital leaders who want to continuously evaluate their strategy must focus on the same three areas. Here’s how:
As the revenue-enablers of technology in the business, CIOs must create a strategy that helps their business combine the power of data, innovation, and cultural change. But continuous assessment of this strategy is just as important as its creation. Regular evaluation of the organization’s big data strategy helps to keep teams agile and encourages them to communicate short-term wins and long-term progress, making it easier to quantify ROI, especially across organizational lines. Those who succeed at big data planning will help their firms make better decisions and create a competitive advantage in an era of constant transformation.
Learn more about how to navigate your business’s big data journey.