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This is a story about a family pharmaceutical company founded in 1943, a leader in innovation with a presence in five continents and more than 70 countries. And like any good story, it has a beginning, a middle, and an end...
Over the years, the company has adapted to market challenges, societal and technological advances, and business needs. It has always been a benchmark in its sector and looked to the future with a long-term plan of offering innovative healthcare solutions. If we were to finish the beginning of this story with one word, it would be «resilience.»
The company's management board realized that the strategic business paradigm had changed. In the new paradigm, "data" is the most valuable asset. This presented a new challenge for the company; they needed a data strategy.
If the most valuable asset is data, how will they realize its full potential without a strategy, and how will this strategy be successful without aligning it to the business strategy? Can you imagine how this story will end? Let's move on...
The CEO's response to this new challenge was to create a Data & Analytics business unit under the CIO's responsibility. It was a strategic area within the Digital Transformation unit, and it played a crucial role in the Data Strategy. Now, both the CIO and CDO had a new challenge... And so it was.
Data is the most valuable asset, and management has a new challenge.
The first thing the CIO did was perform a situational analysis with the help of a specialized Data & Analytics Consultant to figure out where to begin.
Their key conclusion was that the company needed a stronger data culture in every area of the business. They needed to promote the importance of data, train all teams on their terminology or "data language," and educate everyone on the benefits of data-driven processes. Only then could they successfully carry out a data strategy.
The CIO and the Data & Analytics Consultant determined that a critical pillar in the company's data strategy was a data culture program. They proposed this initiative to the CEO to align with the other strategic objectives.
They conducted this program to train the Management Board, Data Citizens, and the Data & Analytics teams on new trends and advanced analytics. The program covered vital concepts, objectives, and the benefits of a data strategy and how to execute it.
After the program was complete, and because of the strong leadership of senior management, every area of the business understood that data is a valuable asset for achieving objectives.
The story doesn't end here, but it will certainly have a happy ending because the company is now aware of the importance of data. This achievement is a small step for senior management, but a giant leap for the company.
Read the e-Book, Data Strategy: from a practical and real point of view.
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