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Making business decisions based on the analysis of data must be done in conjunction with a company’s overall strategic goals. Without knowing what these said goals are, it is impossible to prioritize using data correctly.
If we look at it from the point of view of a pyramid, each of the different phases for developing a strategy can be seen below:
Considering that all these phases lead to creating a strategy and data transversality, we can separate them into two schools of thought:
1.) STRATEGY FIRST
From strategy to data: All decisions that involve the management of data must be determined by the company's strategic priorities. Therefore, before acquiring technology or hiring talent it’s necessary to understand the data you’ll need and how you’ll use it.
2.) DATA FIRST
Always think about data: Since data is the raw material of transformation, it serves as a foundation for strategy. Data influences everything we do (from products, services, campaigns, etc.) and when thinking about any action or decision we must consider how it improves the data value chain, both directly and indirectly.
The Strategic Relevance of data refers to the contribution of each key indicator to the overall Strategy, indicators that must be linked to data use cases to measure the impact of each one in the fulfillment of the strategy.
It’s imperative to understand the evolution of the data: From a linear value chain to a multidimensional information ecosystem. The second publication in The Value of Data series gives you the keys to developing a strategy around data. ↓