To stay competitive, companies harness data to enhance customer experience, streamline operations, and carve out a sustainable advantage. Leveraging AI and advanced analytics, they tackle challenges from predictive maintenance and pricing models to organizational optimization and digitizing products.
Success with advanced analytics hinges on data accuracy and sustainable data sourcing. At Opticos, we have found that a pragmatic, focused data strategy is crucial for companies aiming to become data- and analytics empowered. This strategy facilitates the extraction of value from data, paving the road to success.
Many businesses grapple with fragmented IT landscapes, point solutions, lack of data ownership, and poor integration. As a result, analytics teams are burdened with data collection and cleaning rather than focusing on valuable analysis and insights.
Concerns about data quality frequently surface. Businesses periodically launch data quality and master data initiatives. But without robust data governance, data quality tends to decline over time. Hence, achieving accurate data often depends more on luck than a solid business practice. The remedy? An actionable data strategy.
To align the organization on data-related objectives and to overcome the challenges above, Opticos provides three recommendations:
Furthermore, we recommend a phased data strategy implementation, detailing the first phase and keeping subsequent phases indicative. As you begin implementing, the roadmap’s details become more distinct and defined.
An actionable data strategy implements data management practices and governance structures that enable efficient data sharing and continuous quality improvement. Once initial success is evident, the process can be scaled and replicated across other use cases.
Guiding your Data Management Journey
At Opticos, we enable organizations to leverage business benefits by building pragmatic, and holistic data management practices. Drawing from our extensive client experience and methodology, we’re here to guide your data management journey from strategy to implementation.