Most enterprise companies interact with, operate on, and leverage data across a vast array of business departments. Data is generated by everything from web apps to cameras to heart rate monitors to Internet of things (IoT) sensors, which is empowering richer insights into human and “things” behaviors. Companies that want to make the transition into being a ‘data driven organization’ may entail coordinating operational business decisions to a systematic interpretation of information by deploying Advanced Analytics. With the goal of becoming adigital businessthat uses analytic insights to capitalize and launch new business opportunities. Now you might think that it is quite obvious that companies would understand the importance of using data. But, you would be surprised how many organizations do not fully align their Data Strategy with their business objectives.
How is it that some companies such as Netflix can spot technology trends and shifting consumer habits to make organizational pivots from a being DVD rental service to an online streaming subscription to finally becoming an award winning “original show” content producing internet TV juggernaut? And others such as Borders Books or Kodak couldn’t foresee market changes and failed to adapt and innovate to stay relevant to consumers.
I have previously taught a course called “Leading with Innovation: Align your Data Strategy with Business Strategy” on this exact topic. In this article, I plan to cover a few key elements that integrate data and innovation into Business Strategy.