Realizing the true value in your data: Data-drivenness assessment

Description

Many companies have come to the Cicero Group looking to implement a specific tool or new analyses to improve business performance. But after collecting data and building out models, the initiative falls apart because the analytical wherewithal is not in place across the organization or department.

Lawrence Cowan outlines a methodology for assessing four critical areas that firms must consider when looking to make the analytical leap to ensure they are leveraging their data to its maximum potential: data strategy, data culture, data analysis and implementation, and data management and architecture. Lawrence discusses each of these areas in depth, including Cicero’s methodology for assessing performance, common pitfalls the company has seen across industries, and lessons learned along the way.

Topics include:

• Data strategy: Lawrence defines a corporate-aligned data strategy and links it to specific key performance indicators. Data decisions clearly tie to overall corporate strategy, which is linked to smart KPIs that are articulated and communicated to employees at all levels.
• Data culture: Data beats through the heart of the organization, starting with the leadership team and running all the way through the most junior employee. The leadership team promotes data use at all levels, individuals at every level have broad access to data, and employees are trained to make decisions and pursue initiatives based on data.
• Data management and architecture: Data governance is a top priority, with a focus on data acquisition, availability, accuracy, and quality. Comprehensive and consistent data is being sourced, and the data can be linked across departments and teams
• Data analysis, visualization, and implementation: Technical capabilities are found throughout the organization. Correct analytical techniques are used to tackle both large and small questions, and changes to policies, action plans, and tactics are made based on the analytical findings.