Episode 12: Understand the Strategic Role of Data in Your Business

In this episode of the podcast we introduce data strategy and transforming your business with the information you have and the questions you need to ask.

Data Strategy Your Business

At 345 we’ve become a little obsessed with how you can use data to transform your business and achieve things that are simply not possible with traditional programming.  In this episode we introduce the concepts behind making data a central part of your business.

The diagram above is how we start the conversation about the strategic role of data in your business.  

The main points we cover are:

  • Ask the right questions – understand what you want to know from the data in your business, especially how this will support your business strategy.
  • Understand the data that is around your business.   This can come from inside your business, from the applications and systems you use, or it can come from outside your business such as your customers, suppliers and 3rd part data providers.
  • Develop your Data Maturity using the stages we recommend.  

As you progress through your data maturity journey you will be working through the following stages:

  • Receive and Capture – make sure you have got your data secured in a location where it can be used for your Data Science activities.
  • Store and Categorise – this is the process where we preprocess the data to make sure it is cleaned, categorised, translated and made into the best possible state for later use.
  • Analyse and Predict – this is where we use the data to report on what’s happened in our business (looking in the rear view mirror) and making predictions about what will happen in the future (looking through the front windscreen).
  • Decide and Act – using our data, either directly through statistical models or machine learning models to make decisions, or through management actions informed by data, to improve the way we execute our business.

As always, we would love to hear from you!

Watch the podcast on YouTube here:

You can listen to the audio here:

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