Hope is not a strategy
Whether you are a startup or a multi-billion dollar multi-national that's been in existence for over a 100 years, you are in the data business. The tectonic shift in the technology landscape since the 1990's has forced every company to formulate a digital and data strategy. Why? Because your customers demand and expect it. Customer interactions are increasingly digitized and this is not a trend, it is the way it is and will be. Choosing to ignore it is a choice to join the corporate graveyard alongside Kodak, Blockbuster, Borders, and countless others.
The digital leaders, or data-first companies, are now the most valuable companies in the world. Why? Because they knew that their data and their ability to monetize and transform it into revenue producing assets that delighted their customers was their competitive advantage. Their data strategy is intertwined with their corporate strategy.
Facebook, Amazon, and Google have transformed the world and have market share and capitalizations that are the envy of the world. But they were not the first in their respective industries. They recognized the opportunity and created strategies that developed and protected their core competencies.
But what if you're not a digital first company? What if you consider data to be IT's problem while you focus on your customers, sales, or product development? What if you have so much data you don't even know where it is let alone how to use it?
Then you really need a Data Strategy.
Because if you think that you will be successful without adapting to this new world, just ask the last CEO of Blockbuster how that played out for them. And while you're at it, ask him why they didn't buy Netflix for a song when they had they chance.
So what is a Data Strategy and how do you make one?
A Data Strategy begins with your Corporate Strategy and understanding your relationship with your customers. You must know:
Once you know the answers to these questions, you must then ask what data you need to deepen your relationship with your customers. What do you know about them, what do you wish you knew about them, and what do they truly want? What data will deepen your relationship with them and will protect or extend your competitive advantage? Don't start with the data you have, think about the data you need.
You can then work backwards and identify the gaps that exist between what you need and what you have. A roadmap can then be constructed to start filling those gaps with the correct people, processes, and technologies to execute on your strategy.
A Data Strategy is not about moving to the cloud, adopting artificial intelligence or deploying bots to replace your staff. It is about deepening your relationship with your customers so that they are never inclined to look elsewhere. Microsoft and Apple are the dominant interfaces on the devices you use, but if you have a question you Google it. Why? Because Google provides an experience that is so rich that its users don't want to go elsewhere.
Just like the early days of oil, there are early success stories but the future has not been written. The FANG companies in healthcare, financial services, manufacturing, transportation, and tourism have yet to be determined.
Let us help you become one.
The digital leaders, or data-first companies, are now the most valuable companies in the world. Why? Because they knew that their data and their ability to monetize and transform it into revenue producing assets that delighted their customers was their competitive advantage. Their data strategy is intertwined with their corporate strategy.
Facebook, Amazon, and Google have transformed the world and have market share and capitalizations that are the envy of the world. But they were not the first in their respective industries. They recognized the opportunity and created strategies that developed and protected their core competencies.
But what if you're not a digital first company? What if you consider data to be IT's problem while you focus on your customers, sales, or product development? What if you have so much data you don't even know where it is let alone how to use it?
Then you really need a Data Strategy.
Because if you think that you will be successful without adapting to this new world, just ask the last CEO of Blockbuster how that played out for them. And while you're at it, ask him why they didn't buy Netflix for a song when they had they chance.
So what is a Data Strategy and how do you make one?
A Data Strategy begins with your Corporate Strategy and understanding your relationship with your customers. You must know:
- Why do they buy your products or services?
- What are your core competencies to deliver these products and services?
- What is your competitive advantage?
Once you know the answers to these questions, you must then ask what data you need to deepen your relationship with your customers. What do you know about them, what do you wish you knew about them, and what do they truly want? What data will deepen your relationship with them and will protect or extend your competitive advantage? Don't start with the data you have, think about the data you need.
You can then work backwards and identify the gaps that exist between what you need and what you have. A roadmap can then be constructed to start filling those gaps with the correct people, processes, and technologies to execute on your strategy.
A Data Strategy is not about moving to the cloud, adopting artificial intelligence or deploying bots to replace your staff. It is about deepening your relationship with your customers so that they are never inclined to look elsewhere. Microsoft and Apple are the dominant interfaces on the devices you use, but if you have a question you Google it. Why? Because Google provides an experience that is so rich that its users don't want to go elsewhere.
Just like the early days of oil, there are early success stories but the future has not been written. The FANG companies in healthcare, financial services, manufacturing, transportation, and tourism have yet to be determined.
Let us help you become one.