Transforming Data Strategy: A Shift in Language for Real Business Impact

I had the incredible opportunity this week to be involved in a transformative two-day data strategy offsite for a prominent bank.

The focus outlined was: How can the organisation truly become more data-driven?

However, my keynote emphasised a critical aspect that often eludes many companies — the language of value.

In our journey together, we explored the common trap of fixating too much on the data itself, neglecting the crucial shift needed in our language and focus.

Over these two days, the executive team joined me in redefining the conversation around data strategy, highlighting the importance of value-driven use cases.

It’s not just theory.

We dove deep into crafting three high-level use cases aligned with the bank’s strategic objectives. Executives, business, data and technical teams actively participated in formulating problem statements, ideating key business questions, and even attaching high-level revenue numbers to each use case — envisioning the impact of solving these problems.

A significant revelation occurred when one of the executives noted the perceptible change in language within teams. The shift from technical jargon to a more business and value-focused dialogue was evident, signifying the early stages of a powerful transformation.

Why is this the Only Way to Approach Data Strategy?

👉Relevance to Strategic Objectives: a value-driven approach ensures that every data initiative is intricately linked to the overarching strategic goals of the organisation.

👉Business-Centric Focus: shifting the language away from data to revolve around business challenges, objectives, and business use cases making the approach more accessible and actionable for everyone in the organisation.

👉Quantifiable Impact: attaching revenue numbers to use cases establishes a clear link between data initiatives and tangible business outcomes.

Embarking on this transformative journey is not as challenging as it may seem. The encouraging shift in language within the teams over just two days is proof of that.

As we go into 2024, many of you will be thinking of creating or refreshing your data strategy.

I can help you revolutionise the way you approach data strategy — not just as a technical endeavor but as a strategic driver for business success.

All the success to you in 2024!