Are you looking to create a data roadmap for your organization, but not sure where to start? Building a data roadmap from scratch can feel like a daunting task, but it doesn’t have to be. In this blog post, we’ll share some tips and best practices for creating a data roadmap that will help guide your organization’s data strategy. By following these steps, you’ll be on your way to developing a comprehensive and actionable data roadmap that will help support your business goals. So let’s get started!
Define what data you need to collect in order to make decisions
When it comes to making data-driven decisions, having a comprehensive understanding of your businesses goals and KPIs (Key Performance Indicators) is essential. KPIs are measurable values used to determine progress against set goals and they differ for each industry, business function, and organization. Your organization’s KPIs will inform the data that needs to be collected when making decisions; without these KPIs, creating an impactful change or improvement would be impossible.
Defining measurable goals is an incredibly important first step to determining which KPIs to track. Once you have defined your business goals, whether they are increasing sales by x%, expanding into new customer segments, or reducing input costs, you then can figure out measurable indicators that will show if you are making progress towards those goals. Knowing which KPIs to focus on, how to measure and interpret them, and how they relate to each other is key in order to collect the necessary data before coming to any conclusion.
Create a process for collecting and storing data
Creating a process for collecting and storing data is an essential next step in your data roadmap. Now that you know what data you need to collect, you can decide on the best method for capture; this could include physical forms like surveys and questionnaires, or digital capturing methods like Google Analytics or a POS system. Ensure that the collection process meets any applicable laws and regulations in your area regarding privacy as well as is consistent with industry standards.
Furthermore, make sure you store the data in an organized, secure manner that follows any security protocols set in place. Using digital systems like a cloud spreadsheet application or cloud-based data lake can be helpful if you need to access the information quickly.
Determine who will be responsible for managing the data
Determining who will be responsible for managing the data is an important step to ensure data integrity and security. One effective option is assigning a dedicated team within your organization with overall responsibility; ideally this team should include members from multiple departments and a variety of technical backgrounds. It’s also important to make sure that you maintain a clear chain of command, with one or two people as primary decision makers. By having well-defined roles and procedures that everyone has agreed upon, you can ensure that the data management process runs smoothly while incorporating the latest methods and standards in the industry.
Set up a system for analyzing the data
Now that you have collected the data, it’s important to have a plan for analysis. Some organizations choose to hire business or data analysts in-house, who work to transform, visualize, and distribute data to decision-makers. Other companies choose to engage with consulting experts in business intelligence (BI) who can help establish a way to visualize data in a meaningful format.
Another important consideration is which BI tool your organization will use to store, transform, and display data. There are many options available for a cloud-based or on-premise solution, so do your research to determine which format and tool is right for you. Whichever route you decide is best for your team, setting up a system for analyzing data will ensure more effective decision making in the long run.
Make sure the data is accessible to everyone who needs it
Ensuring that data is accessible to those who need it is an essential part of managing any modern organisation. Data used to be held in physical documents or paper records, but now digital information can be shared more rapidly among departments and personnel. This makes access to data much easier and allows for quicker decision making. However, it also means administrators must ensure that appropriate security measures are in place to protect vulnerable files from external threats such as hacker intrusions or malicious actors.
Data must also be correctly organized and categorized so that it’s easy to find the right information at the right time. While there may be a cost associated with making sure data is accessible and secure, these investments are critical for proactive managers who understand their organization’s need for swift decisions based on accurate data.
Review and update the roadmap regularly
A roadmap is an essential document for any business, as it helps to keep everyone on track and ensures all goals are met in a timely manner. You want to take as much as possible into account when you create your roadmap, but it isn’t possible to cover every unforeseen future circumstance. This means your plan will need to be amended and/or revised as goals are achieved or missed, new technology becomes available, or your employee skillsets change.
It is important to review your roadmap regularly so that you can adapt strategies if needed, while also ensuring there is still alignment between your current objectives and the ones outlined in the road map. Taking time to evaluate a roadmap can be beneficial in the long run since it encourages accountability, promotes collaboration, and instills a sense of ownership across stakeholders.
Defining, collecting, managing, and analyzing data is essential for any business that wants to make informed decisions. However, it’s not enough to just set up a system – you need to review and update it regularly to make sure it’s still relevant and useful. By following these steps, you can ensure that your business is using data effectively to make better decisions and stay ahead of the competition.
RXA is a leading data science consulting company. RXA provides data engineers, data scientists, data strategists, business analysts, and project managers to help organizations at any stage of their data maturity. Our company accelerates analytics road maps, helping customers accomplish in months what would normally take years by providing project-based consulting, long term staff augmentation and direct hire placement staffing services. RXA’s customers also benefit from a suite of software solutions that have been developed in-house, which can be deployed immediately to further accelerate timelines. RXA is proud to be an award-winning partner with leading technology providers including Domo, DataRobot, Alteryx, Tableau and AWS.