Building a Data Strategy Your C-Suite Will Support

Reid Colson
Reid ColsonData and Analytics Consultant à UDig
Building a Data Strategy your C-Suite Will Support
Reid Colson | Senior Vice President, Data & Analytics | UDig
Reid Colson
20+ year career in data spanning several roles and industries:
• Data Board Member, MIT Center for Information Systems Research
• Chief Data and Analytics Officer, Markel
• Head of Innovation, Markel
• VP, Data Engineering, Capital One
• Sr Director, Data Analytics & Data Governance, Capital One
Senior Vice President, Data & Analytics, UDig
2
Why do you need a data strategy?
What is a data strategy?
How to build a data strategy
How to sell a data strategy
Table of Contents
3
Why do you need a data strategy?
When you talk to your c-suite, lead with Why so they understand why they should pay
attention. Like all of us, they are busy and have a lot going on. Make sure you get their
attention up front.
4
Data leaders are more profitable, but few firms achieve “Leader” stage
5
16%
48%
29%
7%
The reason you need a data strategy is that being a data leader in any industry is an advantage that creates
measurable financial benefits.
A data strategy is the key success factor in becoming a data leader
6
What is a data strategy?
7
A data strategy is a comprehensive plan
8
A data strategy is a comprehensive plan to employ data and analytics to achieve critical business objectives
that touches on four key concepts.
Story
• Vision
• Goals
• Plans
• Use Cases
• Success Metrics
Oversight
• Delivery Teams & Roles
• Stakeholders / Committees
• Key Processes
• Risk / Issue Management
• Program Funding
Transformation
• Requirements
• Delivery Methodology
• Data Architecture
• Data Infrastructure
• Data Governance
Culture
• Change Management Plan
• Education & Training
• Communication Plan
• Role / Job Family Structures
• Communities of Practice
Keep a few best practices in mind before you begin
9
• Lead with the business strategy and business objectives
• Identify and leverage a strong executive sponsor
• Bring key influencers into the process early
• Look at your entire organization but prioritize focus areas
• Pessimists and detractors can be your biggest allies
How to build a data strategy
10
Build the data strategy as a formal program
11
Interviews
Document &
Policy Analysis
Current State
Articulation
Future State
Articulation
Final
Deliverables
1
SET UP YOUR STEERING COMMITTEE
Governance, oversight, communication, and milestone reviews
2
ESTABLISH THE WORKING TEAM
Identify strategy development resources, secure time, bring
team up to speed, share objectives, and kickoff the effort
Because of the breadth of the data strategy, a formal operating program is useful to marshal resources and manage a
wide range of considerations.
Leverage external resources and partners for credibility and speed
12
Maturity models provide an objective
structure to evaluate current versus desired
state
Consulting partners can accelerate the
process and provide guidance and expertise
to help manage key risks
Product vendors can offer training and help
getting ramped on their tools
You don’t have to go it alone in building a data strategy. There are many resources and partners you can engage to
increase your chances of success.
Build artifacts to communicate, execute, and govern the data strategy
13
High level roadmap along with a delivery
plan covering investment, resources, and
milestones
Organizational views that show teams,
ongoing committees, and training required
to deliver the target state
A plain language strategy and objectives
outlining costs, benefits, and timing
A target state architecture showing the
future achieved via the data strategy
Data Strategy Vision
Ensure everyone can easily use data to
do their best work in any role:
• Data is trusted and high quality
• Data is accessible and well-documented
• Data is current
• Data is easy to use
How to sell a data strategy
14
Begin with the end in mind
15
Selling the data strategy begins before you launch your program
Strategy Activity Purpose
• Thoughtful engagement of key executive
stakeholders early in the process
• Determine metrics and key strategy
benefits
• Wide evaluation of business challenges
and opportunities to prioritize focus
• Creates natural sponsors and evangelists
for the data strategy
• Building a business case to show the value
of the data strategy
• Uncover potential strategy partners and
use cases with high potential return
Craft a clear business case showing the value and timing of costs and benefits
Ensure everyone can do their best
work by making trusted data easy to
find and use throughout all areas of
the organization.
OBJECTIVE
$5MM $15MM
Project Cost (3 Yrs) Benefits (3 Yrs)
$7.5MM 18%
Net Present Value ROI
ANALYSIS
FINANCIAL OPERATIONAL CUSTOMER EMPLOYEE RISK MGT
• New revenue
• Cost reduction
• Better cash mgt
• Improve efficiency
• Better time to market
• Higher product quality
• Higher satisfaction
• Improved retention
• Increased referrals
• Longer staff retention
• Improved culture
• Higher engagement
• Better data security
• Compliance w/ GDPR
• Resiliency
FINANCIALS
BENEFITS
(2,500,000)
-
2,500,000
5,000,000
7,500,000
10,000,000
Yr 1 Yr 2 Yr 3
Costs Benefits Net
Illustrative #’s
Download the Excel Business Case Template
Focus on the benefits and help key leaders visualize the future
17
• Labor-intensive data entry and data prep work
• Data source connections continually reestablished
• Manual work required to gather and consolidate data across
various applications / sources
• Multiple data sources; inconsistent information
• No single version of truth for reporting
Today: slow, manual, latent, low quality Tomorrow: fast, automated, easy, trusted
• Data is governed: cleansed, prepared, trustworthy
• Detailed and trending data analysis
• Data stores are updated automatically, as are reports / graphs /
visualizations
• Focus shifts from manually preparing data to analyzing and building
predictions using data
Be thoughtful about your communication strategy
18
You likely won’t get the support you need in a single meeting. You’ll need to garner support, build evangelists, and
work up to the decision-making forum through a series of conversations.
Trusted Partners
Supportive Executives
Potential Detractors
Decision Forums
Make sure key peers and your program team are all aligned with the message
and iterate to incorporate their input and feedback.
Socialize with trusted executives first to get guidance. See who might not be on
board and help them with message points to help evangelize.
Approach potential detractors to uncover points of concern before
heading into any formal decision-making meetings.
Go into the forum knowing you have the support you need
due to the up-front legwork to socialize the plan.
By the time you get here, you should already have the buy-in you need.
Wrap up
19
• Creating a comprehensive data strategy is the key to successfully monetizing your data.
• Including key influencers early to shape the strategy and help influence buy-in.
• Leveraging external resources builds credibility and accelerates your strategy formulation.
• Running a data strategy as a program helps orchestrate many moving pieces and emphasizes
importance.
Your data strategy is a living document and should be revisited on a regular basis to ensure it fits
the organization's needs.
We’re Happy to Help You on This Journey: UDig Data Capabilities
Advise Design Ingest Analyze
• Data Strategy
• Data Governance
• Data Quality
Our experts ensure your
data strategy aligns to your
business goals and you are
positioned for long term
success.
• Requirements
• Platform Selection
• Design & Migration
• Data Modeling
We help businesses select
and migrate to the data
platform that will be most
effective in meeting their
objectives.
• Data Integration
• Data Cleansing
• Data Warehouses
• Data Lakes
Bring disparate sources of
data together to enable
business processes and
decision making.
Create insights you can
monetize via business
strategy through
visualization and analytics.
• Visualization
• Automated Reporting
• Advanced Analytics
Our engagements typically start with discovery to ensure our approach aligns to your business goals before we make
recommendations.
Business is a journey. And the roadmap to
success is never a straight line. Through
creative solutions and problem solving,
our team enables yours to plan, build,
and transform on your path from good
to great. Then, we leave you better.
You have key business objectives to meet,
and our partnership-based approach
allows us to effectively help you achieve
those goals. From strategy to
transformation, your journey is unique, so
you deserve a technology solution that is
tailored to you.
About UDig
21
reid.colson@udig.com
linkedin.com/in/reidcolson
Let’s Connect
Senior Vice President,
Data & Analytics, UDig
22
Reid Colson
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Building a Data Strategy Your C-Suite Will Support

  • 1. Building a Data Strategy your C-Suite Will Support Reid Colson | Senior Vice President, Data & Analytics | UDig
  • 2. Reid Colson 20+ year career in data spanning several roles and industries: • Data Board Member, MIT Center for Information Systems Research • Chief Data and Analytics Officer, Markel • Head of Innovation, Markel • VP, Data Engineering, Capital One • Sr Director, Data Analytics & Data Governance, Capital One Senior Vice President, Data & Analytics, UDig 2
  • 3. Why do you need a data strategy? What is a data strategy? How to build a data strategy How to sell a data strategy Table of Contents 3
  • 4. Why do you need a data strategy? When you talk to your c-suite, lead with Why so they understand why they should pay attention. Like all of us, they are busy and have a lot going on. Make sure you get their attention up front. 4
  • 5. Data leaders are more profitable, but few firms achieve “Leader” stage 5 16% 48% 29% 7% The reason you need a data strategy is that being a data leader in any industry is an advantage that creates measurable financial benefits.
  • 6. A data strategy is the key success factor in becoming a data leader 6
  • 7. What is a data strategy? 7
  • 8. A data strategy is a comprehensive plan 8 A data strategy is a comprehensive plan to employ data and analytics to achieve critical business objectives that touches on four key concepts. Story • Vision • Goals • Plans • Use Cases • Success Metrics Oversight • Delivery Teams & Roles • Stakeholders / Committees • Key Processes • Risk / Issue Management • Program Funding Transformation • Requirements • Delivery Methodology • Data Architecture • Data Infrastructure • Data Governance Culture • Change Management Plan • Education & Training • Communication Plan • Role / Job Family Structures • Communities of Practice
  • 9. Keep a few best practices in mind before you begin 9 • Lead with the business strategy and business objectives • Identify and leverage a strong executive sponsor • Bring key influencers into the process early • Look at your entire organization but prioritize focus areas • Pessimists and detractors can be your biggest allies
  • 10. How to build a data strategy 10
  • 11. Build the data strategy as a formal program 11 Interviews Document & Policy Analysis Current State Articulation Future State Articulation Final Deliverables 1 SET UP YOUR STEERING COMMITTEE Governance, oversight, communication, and milestone reviews 2 ESTABLISH THE WORKING TEAM Identify strategy development resources, secure time, bring team up to speed, share objectives, and kickoff the effort Because of the breadth of the data strategy, a formal operating program is useful to marshal resources and manage a wide range of considerations.
  • 12. Leverage external resources and partners for credibility and speed 12 Maturity models provide an objective structure to evaluate current versus desired state Consulting partners can accelerate the process and provide guidance and expertise to help manage key risks Product vendors can offer training and help getting ramped on their tools You don’t have to go it alone in building a data strategy. There are many resources and partners you can engage to increase your chances of success.
  • 13. Build artifacts to communicate, execute, and govern the data strategy 13 High level roadmap along with a delivery plan covering investment, resources, and milestones Organizational views that show teams, ongoing committees, and training required to deliver the target state A plain language strategy and objectives outlining costs, benefits, and timing A target state architecture showing the future achieved via the data strategy Data Strategy Vision Ensure everyone can easily use data to do their best work in any role: • Data is trusted and high quality • Data is accessible and well-documented • Data is current • Data is easy to use
  • 14. How to sell a data strategy 14
  • 15. Begin with the end in mind 15 Selling the data strategy begins before you launch your program Strategy Activity Purpose • Thoughtful engagement of key executive stakeholders early in the process • Determine metrics and key strategy benefits • Wide evaluation of business challenges and opportunities to prioritize focus • Creates natural sponsors and evangelists for the data strategy • Building a business case to show the value of the data strategy • Uncover potential strategy partners and use cases with high potential return
  • 16. Craft a clear business case showing the value and timing of costs and benefits Ensure everyone can do their best work by making trusted data easy to find and use throughout all areas of the organization. OBJECTIVE $5MM $15MM Project Cost (3 Yrs) Benefits (3 Yrs) $7.5MM 18% Net Present Value ROI ANALYSIS FINANCIAL OPERATIONAL CUSTOMER EMPLOYEE RISK MGT • New revenue • Cost reduction • Better cash mgt • Improve efficiency • Better time to market • Higher product quality • Higher satisfaction • Improved retention • Increased referrals • Longer staff retention • Improved culture • Higher engagement • Better data security • Compliance w/ GDPR • Resiliency FINANCIALS BENEFITS (2,500,000) - 2,500,000 5,000,000 7,500,000 10,000,000 Yr 1 Yr 2 Yr 3 Costs Benefits Net Illustrative #’s Download the Excel Business Case Template
  • 17. Focus on the benefits and help key leaders visualize the future 17 • Labor-intensive data entry and data prep work • Data source connections continually reestablished • Manual work required to gather and consolidate data across various applications / sources • Multiple data sources; inconsistent information • No single version of truth for reporting Today: slow, manual, latent, low quality Tomorrow: fast, automated, easy, trusted • Data is governed: cleansed, prepared, trustworthy • Detailed and trending data analysis • Data stores are updated automatically, as are reports / graphs / visualizations • Focus shifts from manually preparing data to analyzing and building predictions using data
  • 18. Be thoughtful about your communication strategy 18 You likely won’t get the support you need in a single meeting. You’ll need to garner support, build evangelists, and work up to the decision-making forum through a series of conversations. Trusted Partners Supportive Executives Potential Detractors Decision Forums Make sure key peers and your program team are all aligned with the message and iterate to incorporate their input and feedback. Socialize with trusted executives first to get guidance. See who might not be on board and help them with message points to help evangelize. Approach potential detractors to uncover points of concern before heading into any formal decision-making meetings. Go into the forum knowing you have the support you need due to the up-front legwork to socialize the plan. By the time you get here, you should already have the buy-in you need.
  • 19. Wrap up 19 • Creating a comprehensive data strategy is the key to successfully monetizing your data. • Including key influencers early to shape the strategy and help influence buy-in. • Leveraging external resources builds credibility and accelerates your strategy formulation. • Running a data strategy as a program helps orchestrate many moving pieces and emphasizes importance. Your data strategy is a living document and should be revisited on a regular basis to ensure it fits the organization's needs.
  • 20. We’re Happy to Help You on This Journey: UDig Data Capabilities Advise Design Ingest Analyze • Data Strategy • Data Governance • Data Quality Our experts ensure your data strategy aligns to your business goals and you are positioned for long term success. • Requirements • Platform Selection • Design & Migration • Data Modeling We help businesses select and migrate to the data platform that will be most effective in meeting their objectives. • Data Integration • Data Cleansing • Data Warehouses • Data Lakes Bring disparate sources of data together to enable business processes and decision making. Create insights you can monetize via business strategy through visualization and analytics. • Visualization • Automated Reporting • Advanced Analytics Our engagements typically start with discovery to ensure our approach aligns to your business goals before we make recommendations.
  • 21. Business is a journey. And the roadmap to success is never a straight line. Through creative solutions and problem solving, our team enables yours to plan, build, and transform on your path from good to great. Then, we leave you better. You have key business objectives to meet, and our partnership-based approach allows us to effectively help you achieve those goals. From strategy to transformation, your journey is unique, so you deserve a technology solution that is tailored to you. About UDig 21
  • 22. reid.colson@udig.com linkedin.com/in/reidcolson Let’s Connect Senior Vice President, Data & Analytics, UDig 22 Reid Colson Dig In Download Business Case Template | ROI Calculator Read Data Case Studies Data Blogs