The main goal of a data strategy is to improve decision-making, and all decisions come from critical questions. If you're able to answer these fundamental questions, that's an indicator of a successful data strategy.
These questions may vary as they depend on the overall needs and objectives of each company. Below we have reference questions posed by Bernard Marr in his book "Data Strategy" as a representative sample for the commercial area, finance, internal processes, and people.
Are you able to answer these questions?
- What are the trends in our market?
- Will there still be a demand for our product in five years?
- How do we set the prices of our products and services in the best way?
- Which market or sales channels are the most effective?
- How satisfied are customers with our service?
- How does our strategy generate revenue?
- What are our key sales, revenue, and profit trends?
- How much will it cost to produce and deliver our product/service in the next 12 months?
- In which areas do we have opportunities to save money?
- Do we have the right partners to meet our strategy?
- How do we optimize our supply chain?
- Do we have the right technology and systems in order?
- How well are our projects carried out according to time and budget?
- What fundamental skills do we need in the next two years?
- What are the most profitable recruitment channels for certain positions?
- Which employees are at risk of leaving?
- How do our employees rate management?
You can identify the data that's needed to get the corresponding answers when you focus on the right questions. What are the critical questions you need to answer to achieve your company's strategic objectives?