Everybody knows that data is the key to success and competitive advantage in this digital age. The now very famous quote by the late Jack Welch “If you don’t have a competitive advantage, don’t compete” should resonate with all. Yet most organisations are struggling to unlock real value from their data.
There are several reasons for this, including:
• Poor data quality and governance leading to a lack of confidence in the data
• Lack of executive sponsorship to create a data-driven culture
• Unclear ownership between the business and IT on what should be a strategic asset for the organisation
Let’s take a look at point number two in more detail. Implementing a successful data program is never easy. Even with the best tools and people, challenges will always arise. A key ingredient for success—and one that we’ve often found to be missing—is support from crucial stakeholders such as executives, leaders, managers, and other influencers. These are often people who know the value of, and can even champion, a data-guided culture. However, the potential value of doing this isn’t always clear, so the benefits are missed and ultimately the program may never deliver for the organisation.
Typically, resources that speak to the true value of data and work to support the efforts of data champions are created for Chief Data Officers and other highly technical audiences.