"How is the data going to be able to tell us when a ‘big deal’ is going to come through?” This line came from a specific project I worked on, but it is representative of many more that the sponsors didn’t say something quite so direct, stating their concern. Many stakeholders are reticent to accept the value of data or the possibilities of its efficacy.
If a data strategy is a large part of a company’s corporate strategy, the C-Suite needs to understand the dynamics of their organization and be able to identify how each of the primary business focal points will be able to manage data encroaching upon their territory. But it is not just how they feel about data, each stakeholder should be assessed on their ability to support the projects with their team.
For a CDO’s perspective, check out our perspective on data maturity within a data strategy.
At the outset of any data strategy evaluation, C-suite executives must pinpoint the primary business stakeholders. These individuals or teams play a central role in the execution and success of the data strategy. They can range from department heads to data analysts to IT specialists. Recognizing the key players is essential to ensure that the strategy receives the necessary backing.
An essential question C-suite executives must pose is whether the business is prepared to work closely with data. A data-centric approach requires a cultural shift towards leveraging data as a strategic asset. If the organization is hesitant to adopt data-driven practices or is resistant to integrating data into decision-making processes, the data strategy may face impediments.
The understanding of data within the business is paramount. C-suite executives should ascertain whether stakeholders possess the necessary data literacy to make informed decisions. This includes understanding data sources, analytics, and the implications of data-driven insights. If there are gaps in this understanding, the organization may need to invest in data education and training to bridge the knowledge divide.
The bandwidth of the business team to support data operations is a critical aspect of stakeholder support. C-suite executives need to assess whether the existing team can effectively manage and sustain data initiatives. If the business team is stretched thin or lacks the resources required for data-related tasks, it can lead to operational inefficiencies and hamper the execution of the data strategy.
Consider the case of a retail company looking to implement a comprehensive data strategy to enhance customer personalization. C-suite executives identify marketing, customer service, and IT as the primary business stakeholders. They engage these teams in data strategy discussions, highlighting the benefits of data-driven personalization. They invest in data literacy training for non-technical staff, ensuring a common understanding of data concepts. By assessing the available team resources and making strategic hires, they guarantee that the business team has the necessary bandwidth to support data operations.
C-suite executives must recognize that stakeholder support is the bedrock of a successful data strategy. Identifying primary stakeholders, assessing the organization's willingness to embrace data, ensuring data understanding, and evaluating the bandwidth of the business team are all crucial elements. By addressing these aspects, C-suite executives can foster a data-driven culture and guarantee that the proposed data strategy receives the support it needs to thrive. In this era of data-driven decision-making, it is imperative that C-suite executives lead the way in this endeavor.
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