Data Queen, Data Intelligence

Data Queen

,
, , , , , , ,

Crafting an Analytics Strategy 

In today’s data-driven world, businesses are constantly seeking ways to harness the power of data to gain insights, make informed decisions, and drive growth. An effective analytics strategy serves as the backbone of this endeavour, guiding organisations in leveraging data to achieve their objectives. Whether you are a start up aiming to establish your presence or a large enterprise looking to stay ahead of the curve, developing a robust analytics strategy is paramount. Let’s together explore the key steps involved in crafting an analytics strategy that delivers tangible results. 

Understanding Your Objectives 

The foundation of any successful strategy lies in understanding your organisation’s objectives. Start by defining clear, measurable goals that align with your business priorities. Whether your focus is on increasing revenue, optimising operations, enhancing customer experience, or all of the above, your analytics strategy should be tailored to support these objectives. Engage stakeholders across departments to ensure alignment and gather insights into their specific data needs. 

Develop Your Problem Statements 

Developing problem statements requires a methodical process to effectively express the issue. This involves identifying the problem domain, collecting data to support the issue, clearly defining the problem, assessing its impact, considering stakeholders, and crafting a structured statement encompassing the problem, its effects, context, and scope. It’s crucial to make the statement specific, measurable, and comprehensible, refining it based on feedback. Once finalised, document and share the problem statement with all involved parties, staying receptive to adjustments as you explore solutions further. 

Problem Statement Sample – Appropriate Data Sharing.

Today – Fred is asked by his customer for data on new full fibre broadband connections to properties in the South West. Eager to please his customer, he sends the data in an email without a password protecting it and with no Security Tagging. Some months later it is highlighted customers are receiving a large volume of marketing from multiple broadband providers.  

Tomorrow – Now, when Fred receives a customer request for data, he knows the process to follow, to comply and reduce risks on data sharing, privacy and security. 

Once you have established your problem statements and business objectives, the next step is to outline a set of focus areas these problems can be allocated to. Typically four or five in number. These areas might encompass: 

  1. Increased adoption of self-serve 
  1. Increased efficiency of delivering of month end reports 
  1. Clear and regular communication  
  1. Reduced risk or reduced data breaches 
  1. Maturity of Data Culture Increasing innovation/adoption 

Focus Areas 

When developing your focus areas, it’s crucial to map out what achievements and developments are envisioned over specific timeframes, such as 6 months, 18 months, and 2-3 years. For instance, regarding. Increased adoption of self-serve: 

In the first 6 months, the focus would be on assessing current capabilities, identifying gaps, and launching a training program. This involves measuring the initial adoption of self-serve tools. 

Subscribe to continue reading

Become a paid subscriber to get access to the rest of this post and other exclusive content.

Posted by:

Data Queen

As a seasoned non-executive professional, I bring a fresh perspective and a wealth of experience in guiding organisations through digital and data initiatives, while considering new technologies. My board-level experience spans the charity and SME sectors, coupled with committee chair expertise in the private sector. I seamlessly integrate strategic, operational, digital, and data proficiency with robust financial oversight to effectively manage risk and facilitate the realisation of benefits inherent in digital & data strategies. Renowned as a respected leader in the data industry, I am recognised for my extensive network and adeptness in analysing complex situations with a strategic mindset. As an individual known for generating innovative ideas and delivering solutions with a long-term focus, I have earned esteem from subordinates, peers, and superiors for my expertise in digital and data realms. My extensive professional background includes diverse experience across industries and sectors, with a global footprint encompassing Europe, Asia, and the Americas. Beyond my extensive corporate experience, I maintain a data blog with over 100 posts, serve as an early-stage business mentor, and STEM ambassador, and indulge my passion for gardening and fitness.