DATA STRATEGY PARTNER: BUILDING ON YOUR FIRM’S DATA
It is said that “data is the new oil”, and perhaps rightly so. The vast amount of investments in data sciences are evidence of the value proposition of data in the new age. Here are the five things to remember when choosing your data strategy partner.
1. Data as an Asset Mentality
For enterprises to accelerate its transformation journey, it is important that they view data itself as an asset to the company and not as a second-class citizen. Of course, there are justified tactical scenarios of monetizing data, however, your data partner must be able to customize and provide solutions that can be used in the long term as well. In internal data teams, there needs to be a mindset that defies silo-ed thinking and understands the need for data harvesting in all departments.
2. Business Transformation using Data Sciences
Often times, organizations fall into the trap of fixing things tactically while ignoring the root cause of any internal crisis. Strategic solutions must be the result of a comprehensive analysis and holistic approach to corporate problems. As a data strategy expert, your data partner must be willing to investigate problems from the scratch and must adopt an approach of reinvention rather than quick fixes. Companies that can innovate and adopt a blue-sky approach stay well ahead of their competitors in the big data game.
3. Strong Engineering and Analytics Core
There are myriad tools and client interfaces available in the market that enable firms to plug and play with their data. However, this still requires a certain amount of customization and expertise of the platforms. A good data strategy expert will have extensive knowledge of the newest platforms and expertise on the best utilization of these tools. Additionally, strong knowledge of core engineering models and algorithms is also a must when choosing the right data partner.
4. Partnership-style Engagement Model
Decision-making for crucial business problems requires brainstorming on various approaches in problem solving. In this process, it is crucial to have a data partner who is vocal and honest in their capability to drive solutions, timelines and resource availability. Alternatively, it is also important that data partners do not dictate their own preferences in providing solutions. Most importantly, the best interests of the business are always placed front and center, and business satisfaction becomes the main driver for the engagement. A partnership model where all parties engage equally and are able to obtain consensus would be crucial.
It goes without saying that a strong knowledge of data sciences and models is necessary in choosing a good data strategy partner. Keeping pace with the newest developments and approaches in the field of data sciences as well a technology is clearly an advantage. Additionally, deep knowledge and expertise in respective functional areas like marketing, risk, finance, operations etc. projects from various industries including Retail, Banking & Financial Services, Insurance, Manufacturing and Telecommunications would help immensely.
Irrespective of your organization’s experience with data sciences, keeping these fundamental parameters in mind would undoubtedly result in the selection of the right data strategy partner for your organization.