Dynamic Talks: "Data Strategy as a Conduit for Data Maturity and Monetization" -Miguel Medina
1 like328 views
The document outlines a framework for organizations to enhance their data maturity and leverage data as a strategic asset for monetization and decision-making. It emphasizes the importance of a data strategy that aligns with business goals, fosters a data-driven culture, and builds necessary data capabilities. Key steps include assessing current data maturity, identifying challenges, and establishing partnerships between business and IT to drive value from data initiatives.
Dynamic Talks: "Data Strategy as a Conduit for Data Maturity and Monetization" -Miguel Medina
- 1. Data Strategy as a Conduit for Data Maturity and Monetization Miguel Medina
- 2. MiguelMedina 2 Miguel Medina Finance Manager, Manufacturing Plan SAP Finance Implementation Specialist SAP FICO Manager to PTP Sr Manager SAP Functional Director Adjunct Professor of Finance, University of Tampa Data Integration and Analytics Director
- 4. MiguelMedina Data Assessment Where are you in your data maturity journey? 4
- 5. MiguelMedina 5 Data: The New Oil Every company operating today is a data company Data and analytics are changing the way business is done Companies with the greatest overall growth in revenue and earnings receive a significant boost from data and analytics C-suite executives believe AI has benefits to great to ignore Building the AI-Powered Org The disruptive power of data
- 6. MiguelMedina 6 What Is Your Data Maturity? https://www.youtube.com/watch?v=pg8aKsN4nh8&feature=youtu. be Data team IT Business Most organizations can NOT benefit from their data today 87% of organizations have Low Analytics Maturity. “This represents a big obstacle for organizations to increase value”. https://www.gartner.com/en/newsroom/press-releases/2018-12-06-gartner-data-shows-87-percent-of- organizations-have-low-bi-and-analytics-maturity
- 7. MiguelMedina 7 How Has Been Your Data Journey? 2005 2010 2015 20202000 Data is not a new capability for organizations ERP Data extraction Data Warehouse Data Visualization Tools ERP Data Solutions Hadoop and Data Lakes Non-SQL Cloud data solutions
- 8. MiguelMedina 8 Enablers Challenges What Is Preventing You to Grow? https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/catch-them-if-you-can-how-leaders-in-data-and-analytics-have-pulled-ahead Data contributors vs challenges: Time for a data strategy
- 9. MiguelMedina Data Strategy How are you removing the data challenges in your organization? 9
- 10. MiguelMedina 10 Leadership If your organization does not have a CDAO make the case for one. Data culture Drive data literacy, influence data culture and drive adoption. Alignment & Collaboration Align data initiatives with business strategy and create synergies between business and IT to drive quick wins. Priorities: Data as an Asset Focus your efforts in processes that generate the most critical data to create trusted environment that can create value. Data Capabilities Build the relevant data capabilities (e.g. governance, quality, integration, collection, BI, Analytics) Data Challenges Organizations face different data challenges that prevent them to drive value
- 11. MiguelMedina Business Strategy Organization’s Priorities 1 Priority 1 2 Priority 2 3 Priority 3 Technical Strategy Relevant tech capabilities need to address the organization’s Priorities. 11 Alignment: Build Partnerships Business outcome definition, process proficiency and data knowledge. To drive value, both parties needs to come to the table as partners Tools to address the data needs of the organization. Partnership: Operational Strategy Alignment of strategies, creation of accountability.
- 12. MiguelMedina 12 Leadership & Organization Build an organization that can support transformation https://hbr.org/2019/07/building-the-ai-powered-organization An Example: • Leadership: CDO, CDAO • PMO • IT • Business
- 13. MiguelMedina 13 The Critical Factor: Data Culture Nurture your data culture to support your data strategy Tableau take on data culture Build trust environment: People & data Treat data as an Asset to create value Prioritize your organization data skills Develop Communities to support each other Use data as a catalyst for transformation
- 14. MiguelMedina Our Organization’s Business Strategy 14 Focus: Manage Data as an Asset Value Focus on what is the most relevant/valuable Gartner: Design a Data & Analytics Strategy Enabler Driver Utility Focus on a specific business goal Drive new business ideas and revenue sources Available for all kinds of business value Customer Customer needs 360 view Customer analytics Customer data as a service Innovation Data products Risk Mitigation Risk assessment Compliance Operations Data hub Integrated value chain Enterprise analytics Create new models Self-service Data Strategy
- 15. MiguelMedina 15 Foundation: Build Data Capabilities Data Quality & Governance Data Integration Data Collection Data Analytics Data Protection BUSINESS CONFIDENTIAL | ©Jabil Inc. 2019. All Rights Reserved. Business Needs Data driven Value • Who owns data? • How is the quality of the data you use? • Do you have data definitions? • Is everybody using the same hierarchies? • How easy is to stich data from different systems? • Are processes integrated across systems? • Where’s your data is coming from? • How long it takes to get from data source to data consumption? • Do you have access to the data you need? • Have you standardized your KPI’s? • How can you use your data beyond reporting? • Who in your teams provides approval for data consumption? • Do you know what our team does when they download data? • Do you have a data ethics check list? Challenges Link business strategy to data initiatives Drive action Enterprise Data Governance Systems Integration Data Tools Business Intelligence Advanced Analytics Secure Data Data Ethics Opportunities Leverage technology to enable the business’ data needs
- 16. MiguelMedina 16 What is a Data Strategy? Focus on data efforts that matter the most Define data that that will be use as differentiator Eliminate data silos From reactive to proactive Define direction & measure progress Drive change and expand data literacy Control vs freedom Operations vs innovation Offence vs defense People: Identify stakeholders Process: Define guiding principles Tech: Build roadmap Define data vision & mission Focus on critical business processes Enterprise-wide plan to harness data and analytics to achieve business goals Align with business strategy Align people, process & tech Manage data as asset Prioritization: Create balance & harmony Define direction & mobilize organization The creation of value through the use of data
- 17. MiguelMedina Next Steps Where do you begin with your Data Strategy? 17
- 18. MiguelMedina 18 Visualize the Creation of Value https://sloanreview.mit.edu/article/how-to- monetize-your-data/ “Every company operating today is a data company” Leveraging data to improve operations, productivity, and ongoing services with customers. Creating new revenue streams by making data available to customer and partners. Your Org Internal External Process Wrap info Improve decision making and improve efficiency Enrich product or services and increase sales. https://sloanreview.mit.edu/article/how-to- monetize-your-data/ Sell info Sale data and insights for new sources of revenue. “Data and analytics are changing the way business is done” https://www.mckinsey.com/business-functions/mckinsey- analytics/our-insights/fueling-growth-through-data- monetization The use of data & analytics to increase efficiency, increase sales & new sources of revenue
- 19. MiguelMedina Execution teamBusiness & IT LeadersC-Level 19 SAP Data Strategy Model 1 Data Strategy Awareness How data is part of Business strategy. 2 Data Strategy Workshops Focus on business outcomes, processes, critical data, quality needs and ethical implications Identify tech capabilities and gaps. 3 Data Architecture Create a data architecture reference and develop a solution roadmap. Create a program roadmap. 4 Data Management Launch the program, define RACI (Business/IT), drive change management, Monitor initiatives progress. 5 Deploy & Monitor Operationalize, Control data quality, Monitor value. Partnership must continue from definition to delivery https://www.sap.com/cmp/oth/enterprise-data-strategy/index.html
- 20. MiguelMedina 20 Look Beyond Your Current Needs: AI Unlocking the value in manufacturing: AI https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-next-horizon-for-industrial- manufacturing Unlocking the value in manufacturing: AI 60% of C-suite executives believe AI has benefits to great to ignore: https://www.forbes.com/sites/insights-intelai/2018/07/17/on-your-marks-business-leaders-prepare-for-arms-race- in-artificial-intelligence/#627d28d21946 40% + Productivity 28% - Cost 21% + Speed Market Building the AI-Powered Org: Shift the mindset. https://hbr.org/2019/07/building-the-ai-powered-organization From silo to collaboration From experience to data decision From rigid To agile
- 21. MiguelMedina 21 Summary 1. Understand where you are in our data maturity 2. Identify your existing data challenges 3. Visualize the data value opportunities and link them with business strategies 4. Build a partnership between business and IT and create awareness about a data strategy 5. Work with a business group that is in need to leverage value out of their data and run a workshop to create a data strategy that remove their existing data challenges 6. Think beyond your current needs
- 23. MiguelMedina 23 Data Strategy Models https://www.iianalytics.com/becoming-an-analytical-competitor-1https://www.digitalistmag.com/cio-knowledge/2019/05/23/outcome-driven- enterprise-data-strategy-dont-start-your-transformation-without-it- 06198580 SAP Model IIA Model Do not try to reinvent the wheel