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Data Strategy: Various Angles – Common Goal

23 October 2020
Ida Lorenz
In our video series, the parsionate Strategy Consulting Team takes on the challenge of showing relevant aspects of data management in short sequences, contributing to a better understanding of data strategies in medium-sized and larger companies and directing the view from detailed to overall solutions.

Gartner analysts predict that by 2023, 90 percent of all medium and large companies will be data-driven business models. However, our experience is that high-quality customer, product and supplier data, which provides the basis for optimised business processes, does not receive enough attention on the business agenda or that a company-wide data management strategy is missing.

Digitisation programs are often initiated by the department. However, due to their insufficient integration into the company, they often fail or are not fully implemented and do not function optimally afterwards. We believe that digitisation makes little sense without a well-founded data strategy. And that without the support of a company's management, the challenges are overwhelming.

Companies with a holistic data strategy are more successful

The business world has changed dramatically in recent years. Revolutionary changes can be observed worldwide in a wide variety of industries. In general, and especially in crisis situations, it is important today that the entire company management and all managers at decision level think "digitally". This is the basic requirement for the successful transformation and sustainable development of companies.

Our video series "Data Strategy: Various Angles - Common Goal" offers the opportunity to capture the correlations of a holistic data strategy (in a short and concise way).

Henrik Kramer, Managing Consultant in our strategy consulting team, summarises in the following video why, as we see it, companies are more successful with a holistic data strategy. And thereby gives the introduction to our video series.

Data management has developed in recent years as a central discipline between the specialist department, IT and corporate management. Without a clear, structured and error-free database, a successful digitisation is not possible.

The formulated data strategy provides data management with the necessary directional and intensity impulses. Disciplines such as performance and measurability, governance and quality, organisation, data lifecycle, architecture and infrastructure are specified.

A jointly developed data strategy by general management, business units and IT creates balance and a bridge at the same time between the performance requirements of the business units and the technology options of IT. 

This company-wide data perfection as a core element of successful digitisation supports the strategic goals of your company and ensures your business success.

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