The 7 Deadly Sins of Data Strategy

The 7 Deadly Sins of Data Strategy

- by Samir Sharma, Expert in Data Analytics & BI

“Everyone has a plan until they get punched in the face!” A fantastic quote from Mike Tyson.

My work with companies all over the world has given me a lot of insights into where businesses get lost in the mire of tech and shiny new toy syndrome!

Yes, it does still happen! 😂🤣

So, this is a call to CEOs and other C-Suite members today, or C titles that might report into another C-level.

In the race to stay ahead of the pack, ignoring the power of data is a sure fire way to doom your business.

I’ve seen that with a number of new CEOs who bring in their mates from the BIG consultancies, pay them whopping sums and expect massive turnarounds!

Guess what: with little benefits and outcomes – it’s not working!

Here are my 7 deadly sins of data strategy for the C-Suite that can destroy competitive edge and how to avoid them:

1. Without a clear vision, your data initiatives will flounder, squandering resources and missing golden opportunities. Your business will be left in the dust.
👉Action: Define a bold, strategic vision that aligns with your business goals and steers your data initiatives toward market domination and explosive growth.

2. Data projects that don’t align with your core business objectives are worthless. They drain resources and deliver no real value.
👉Action: Integrate your data strategy with your business strategy to drive crucial initiatives like customer acquisition, retention, and operational efficiency.

3. Ignoring data insights leads to disastrous decisions, strategic missteps, and ultimately, failure.
👉Action: Leverage data and analytics to empower your leadership with actionable insights that drive intelligent, strategic decisions and outmanoeuvre your competition.

4. Small-scale PoCs won’t move the needle. They leave your business vulnerable to competitors who understand the power of scale.
👉Action: Scale your successful data initiatives across your organisation to achieve massive revenue growth and significant cost reductions.

5. Without top-level support, your data initiatives will languish, starved of the resources and attention they need.
👉Action: Secure unwavering board or investor sponsorship by demonstrating how data initiatives will supercharge key business objectives and deliver undeniable value.

6. Data strategies that don’t enhance customer experiences will result in churn, plummeting revenue, and a tarnished reputation.
👉Action: Use data to create unforgettable, personalised customer experiences that drive loyalty and dramatically increase lifetime value.

7. Investing in data without clear ROI metrics is reckless. It leads to wasted money and efforts with no tangible benefits.
👉Action: Establish ROI metrics for every data initiative to ensure they contribute to revenue growth and cost optimization.