8 MIT Technology Review Insights
Overall, building a strategy to make better decisions
and get more value from data is all about getting started.
"The good news is that you can literally get started on the
change tomorrow," says Vachhrajani. "It's never too late
to turn the ship in the right direction, create a foundation,
and actually begin to drive the change."
The consequences of not getting started are significant.
Without a strong data strategy, organizations lack agility,
losing the ability to respond to unexpected events
such as a pandemic. "There are so many unknowns,
so many opportunities that could be lost," Vachhrajani says.
"A sound data strategy allows everyone in the company to
use data in an effective manner, not just for very important
big decisions, but everyday decisions on the frontline."
Steps to data strategy success
Overall, implementing a successful data strategy is
an all-hands effort, says Lutz, who adds that strong
sponsorship from the top and buy-in across the orga-
nization are paramount. Then, challenges as basic as
defining data sets and building and maintaining data
processes are ongoing.
Graindorge points out that it's easier to choose vendors
that help gather data than it is to figure out how you will
analyze and glean insights from that data. "People forget
that data inputs are often messy and require time to clean
and maintain," he says. "That ends up exposing a gap, so
organizations need to take their time and understand the
consequences of their decisions."
