Data Strategy and Governance

Data strategy and knowledge-based management

A data strategy is a game plan for leveraging data in a business. It helps find clear business cases for data utilization, and details how data can be accessed for this purpose from separate systems and silos.

#data management #data-based business # knowledge capital #commercial excellence

Knowledge-based management is more important than ever. Business data must be used systematically if you want to compete and do profitable business. This is self-evident to many, but it is difficult to get to this position without a proper plan.

In our experience, companies typically hold a lot of data that could be used to develop their business.

However, there are often challenges such on the road to development:

We have helped numerous companies solve these problems.

When is a data strategy necessary?

A data strategy is typically needed at business turning points, i.e. when you want to:

At its best, a data strategy leads to cost savings, growing revenue, and positive differentiation from competitors.

“It was really important to us that the data strategy was concrete and pragmatic, so that it doesn’t just stay in a desk drawer somewhere. And it worked. ”

Tuomas Simonen, Head of Private Sales, Mandatum Life

7 steps to developing a data strategy

In our experience, there are seven different steps required to create a successful data strategy. Depending on your situation, we will select the appropriate steps for the project.

We create a data strategy based on workshops and interviews with your key personnel. Between the workshops, Bilot experts work on the data strategy independently.

The completion of the project as a whole typically takes 1-3 months. The project typically involves members of the management team, business representatives from various functions and organizational levels, and IT architects.

1. Business goals and vision

Data strategy is central to a company’s business strategy and goals. Therefore, it is important to understand where your business is heading and what it wants to achieve with its data.

2. Identifying business development opportunities

In the second phase, we identify the most important development opportunities. To this end, we list various business case opportunities and related information needs. Specific business cases can be, for example, improving the personalization of communications, automating the processing of applications, or optimizing the execution of tenders.

3. Development perspectives

At this point, we are building a prioritized business case portfolio. Not all use cases are immediately feasible, but may remain in the portfolio to be re-evaluated in the future. We evaluate in more detail the business benefits of different business cases, the ease of implementation, and the impact they will have on current processes.

4. Description of knowledge capital

In our experience, only a few companies have inventoried their knowledge capital, so the overall picture is missing. At this stage, we form a comprehensive view of existing and potentially needed data capital and data sources in the future. We map e.g. data availability vs. its importance. This serves as a good basis for the next step.

5. Architectural design

We update your data architecture plan. In practice, this means that we work with your architects and create principles for the development of architecture for your company, if they do not already exist. We describe the current state, target state, and transition phase architecture, data flow descriptions, integrations with data sources, data consuming applications and stakeholders, and the internal structure and capabilities of the data platform.

6. Gap analysis and roadmap

The goal of the Gap analysis is to find ways to get from the current state to the target state. This will form a roadmap: how the information will be collected and used. Here, we must also take into account any dependencies between processes or sources so as to define the order in which things should be developed.

7. Successful implementation

How can the identified issues be taken forward? Data and technology are often the easy part of a data strategy project, but organizational culture and change management cause grey hairs. In the final phase of the project, we identify critical factors related to implementation. Together, we define change management KPI:s and build a plan to take things forward.

If necessary, we will become your change agent after the project.

“We were very happy with what Bilot was doing and we wanted to continue with them, so they are also involved in the implementation phase.”

Tuomas Simonen, Head of Private Sales, Mandatum Life

Concrete outputs of the data strategy project

In a data strategy project, you know exactly what you have ordered and what you are paying for.

During the project, you will receive the following concrete outputs:

In addition to these, our customers say that benefits include:

Our data strategy service has a delivery guarantee. If you are not satisfied with our service, we will not charge you anything.

Why Bilot as a data strategy partner?

We have implemented numerous data strategy projects for various industries. You will have access to experienced consultants with lots of references behind them. We’re so sure of what we’re doing that we dare to promise a delivery guarantee: if you’re not happy, you don’t pay anything.

Based on our experience, we have compiled the 7-step framework described above on this page. Thanks to this, the implementation of the project is smooth and you know exactly what you will get at any stage.

Our approach is very business-oriented and pragmatic. We want to generate tangible benefits and help your business move forward; we don’t produce documents in the archive to dust off.

Thanks to our experience, we see the big picture, but we have also learned that development steps need to be realistic and goals very concrete. This is how the goals are achieved.

Implementing a data strategy project with us is quick: it typically takes 1-3 months.

If you want to continue cooperating after a data strategy project, we can help with the practical implementation and act as a change agent. All outputs generated by the project are your property and you can then continue working as you see fit.

Data strategy pricing

The total cost of a data strategy project is usually a few tens of thousands of euros, depending on the scope of the project and the number of workshops required.

Contact us for a more detailed price range. We will talk with you and map out your situation so that we can give the most accurate estimate possible.

Contact us

Is data strategy right for your business? Want to better understand its potential? Get in touch! We will be happy to tell you more.

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