Over the last 3 months True North Digital have been working with a number of Northern based organisations and one a national registered charity. Our primary focus is to lead on the design and development of an Insights, Analytics and Data strategy, with a view to enabling each to be better informed and make decisions from their data.
It has been an interesting 3 months, with True North Digital helping these organisations to truly comprehend the importance of building a data strategy, to build trust in data quality, safeguard data assets and privacy, and promote a data-driven culture within their respective organisations.
We wanted to share with you some of the lessons and challenges that we have faced together, so that you may be better informed for your own unique IAD journey.
- Accessing market data- look to simplify access to traditional and emerging data across your chosen market. From an Excel spreadsheet to a relational database table to data lakes, remove the complexity of reconciling data types by automatically converting them.
2. Strengthen your data arsenal with advanced analytic techniques and build advanced analytic techniques to inform better decisions from your data. Only 9% of “Data Leaders” surveyed agreed that they incorporate AI/Machine Learning insights into their Business Intelligence. Start by building from traditional ETL and data integration technologies- that do not have the sophisticated statistical analysis capabilities- to implementing within the ETL process.
3. Cleanse data to build quality into existing processes. Massively important- as I say, “you put shit in you will get shit out!” Also, trust in data is grown from a commitment to deliver on data quality.
- Only 12% of data users trust that data is up to date.
- Only 9% trust that the data they use is accurate.
- Only 6% trust that data is complete.
Start by removing invalid data from the data set based on the analytic method you adopt- such as outliers, missing data, redundant data or irrelevant data.
4. Prepare your data for analytics by merging, transforming, de-normalising and aggregating source data. If you’re trying to predict when customers may churn, for example, the customer data you use has to be collected from multiple sources (data warehouses, data lakes, transactional and third-party data sources).
5. Share metadata across data management and analytics domains. Apply metadata across the analytics life cycle, which will deliver quantifiable outcomes. Importantly, provide training in data and analytics to build talent for a data driven workforce.
All good advice we know, but you also need the resources to be able to deliver on all of these things, which for some traditional Northern businesses won’t be easy- only 33% of Northern based businesses employ either a Chief Data Officer (CDO), or a Chief Analytics Officer (CAO)
So, if you’re considering going on such a journey give True North Digital a call, to see how our fractional resourcing model can help fulfil some of these skills and capability gaps.