Discover more from Three Data Point Thursday
In Case You Missed It: October 2023 Recap
Why You’re Missing The Point Of Analytics; George Mathew Of Kespry, Adaptability And The Forces Of Change Of Data; Good Data vs. Bad Data Strategy.
This is the Three Data Point Thursday, making your business smarter with data & AI.
This special in-between issue serves as a recap of the last editions and more of my writing. It features a few quotes from each piece so you can get a feel for them and quickly jump around the Three Data Point Thursday universe.
Analytics is defined as “the systematic computational analysis of data”; Business Intelligence is “the set of corporate strategies to analyze business information” and turn them into actionable insights.”
And yet, almost every company thinks analytics & BI are about the analysis of historical data.
There are two fallacies right here:
Thinking it’s about analysis only, where in fact analysis is only a means to an end.
Thinking it’s about historical data only, where in fact the more important data is the data not yet created.
Everyone falls for those fallacies; you too.
The key to being a great mountaineer? Never bring yourself into a situation that requires great mountaineering. In one word: adaptability.
It’s the same for businesses that utilize data. The leadership needs not just to be able to adapt to changes but to never bring themselves into a situation that requires reaction. Leadership needs adaptability, not in the reactive sense, but in the proactive kind.
Now, a data strategy is the steps and initiatives your business takes to use data to the benefit of the business at a high level.
Most people think data strategy is the responsibility of the data people, data leaders, the CIO, or the CTO. But that’s just bull. The role of CIOs, CTOs, and data leaders is to guide good data strategy development and ensure it is implemented well.
So, let’s talk about what a good data strategy is …
A good data strategy is aligned with the company strategy. It is aligned because it is derived from it! A good data strategy exists in a company with a clear direction from the top to make data the most important thing.
Also, there’s a video version you should check out!
Until next week,