Introduction
In today’s fast-paced business environment, aligning Data and Analytics (D&A) strategies with business value is critical. Gartner forecasts that by 2026, 75% of Chief Data and Analytics Officers (CDAOs) who fail to prioritize measurable business impact will be absorbed into technology roles. This underscores the need to elevate D&A strategies to the forefront of business initiatives.
To harness the power of data for decision-making, organizations must establish a comprehensive D&A strategy. Gartner’s Guide for Effective Decision-Making is a great way to get started. This involves identifying and prioritizing decisions through practices like decision modeling and using technologies such as data fabric, analytics, and AI.
Prepare using Gartner’s three D&A value propositions:
- Utility – where D&A are instantly accessible to all
- Enabler – where D&A empowers informed daily decisions
- Driver – where D&A are crucial for business vision, opportunity identification, and direction
The Strategy
Establishing Decision Improvement as a Value Driver
Optimizing decision-making processes and the D&A ecosystem requires a direct connection between D&A and business value creation. Generate value for:
- Business Partner Enablement
- People, Processes, and Technology
- Business Decision and Process Improvement
- Enhanced Data Consumption
- Comprehensive Customer Journey Mapping
Engage with a Comprehensive D&A Strategy
Investing in a robust D&A strategy and operating model is essential. Instead of rushing into a large project, take time to meet with business stakeholders to identify and prioritize areas for investment to maximize benefits. Then, align investments in data, analytics, technology, organizational capabilities, infrastructure, and go-to-market strategies.
Tips for Effective Delivery
Maximizing D&A value delivery involves exploiting value stream management. Many D&A models focus on function optimization but lack cross-functional collaboration
For D&A leaders, the goal is twofold: optimize business decision-making processes and the underlying D&A ecosystem.
The Conclusion
Prioritizing D&A around business value is a necessity.
For all of this to happen seamlessly you need a platform that can collect your data and provide you with the necessary insights. EPIC (Enterprise Platform for Integrated Compliance) is the intelligent data and reporting component of your D&A strategy, playing a crucial role in this ecosystem. EPIC integrates seamlessly with your D&A framework, transforming data into actionable insights that drive business value.
EPIC aligns D&A investments with business priorities, optimizing value streams and ensuring a clear connection between D&A initiatives and business value. As the cornerstone of your data and reporting strategy, EPIC ensures data-driven decisions lead to tangible business impact. Embrace EPIC to transform your D&A approach, drive business value, and maintain a competitive edge.
For more insights, check out Gartner’s comprehensive guide on prioritizing D&A around value.
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