How to achieve an effective data strategy in your data-driven business?

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In a context where information plays a central role, having an effective data strategy is essential. Discover good practices to achieve this.
In a data-first and digital-first world , a company's most important asset is its data. Information about the market, about the trends in its industry, about its customers and suppliers; everything it needs to grow and be a leader in its segment is there.

To bring this information to life and enhance its value for the business, the data collected must first be of quality and analysable. Having a data strategy is an essential requirement and the great challenge is how to implement it effectively.






HubSpot BLOG

90 % of corporate strategies will explicitly mention botim database as a critical business asset and analytics as a core competency.

Source: Gartner



The data economy, the development of data analysis software and computing power have further increased the importance of having a data-driven strategy that spans the entire organization.

Let's look at some examples:

An insurance company analyzes structured and unstructured data, from direct and indirect sources, to better understand its customers' demographics and behavior, seeking the right balance between underwriting risk and associated premiums.

A car rental company seeks to improve its customer experience and overall vehicle uptime key indicators by cross-referencing onboard vehicle data with individual maintenance shop performance and related employee skill sets to identify gaps and opportunities.

An educational content provider seeks to capture the usage and learning patterns of its students through online interactions with learning platforms, in order to provide adaptable solutions that adjust pedagogy to individual student needs and improve educational outcomes.


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How to achieve an agile and resilient company with data?
Today's times demand flexibility and adaptability to an ever-changing environment. In this context, becoming a data-driven company that makes strategic decisions based on data is essential.

There is no single path to achieving this transformation, although there is consensus regarding certain common characteristics and best practices:

Cross-data strategy. Data should be the strategic asset for the entire organization. This means having a comprehensive view that ensures correct data management at a global and departmental level to guarantee access to reliable data for decision-making.

Creative executives . Most companies are metrics-driven, i.e. defined key performance indicators and ongoing monitoring of them. In contrast, data management requires creativity and curiosity to explore data and gain insights that can be useful for the business. Leaders with these capabilities are the ones who innovate with business models based on results and data.

Data democratization . Data-driven organizations emphasize the importance of instant access to information for all users to make reliable decisions in a matter of seconds. In addition, this will later allow for the monetization of the data.

Data literacy . An organization's ability to succeed in digital transformation depends largely on its human resources being able to navigate data in their daily tasks: the ability to read, work with, analyze, and argue with data.

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