Next to cash and talent, data is your organization’s most important asset. The ability to effectively leverage data in the service of business strategy, innovation and operational execution may make the difference between success or failure in today’s fast-paced, data-driven, global economy. dPrism delivers decades of real-world, operational experience and data strategy expertise to help clients manage and exploit this most critical asset.
To thrive in today’s economy, CEOs and board directors of well-managed businesses make it a priority to ensure they have 360-degree visibility into their organization’s sales, marketing, operations, product innovation and customer experience performance.
How well is your data serving your organization? It may be time for a dPrism Strategic Data Assessment.
Engaging with dPrism will give you a trusted third-party perspective on how to best leverage the internal and external data you gather and manage in support of your business goals. This assessment will identify gaps in your data capability that may be:
- Limiting your organization’s growth through product, marketing and sales innovation.
- Masking key patterns that can reveal new prospects, propensity to buy, customer churn, etc.
- Hindering operational performance and swift, accurate decision making.
- Increasing risk via privacy, confidentiality or regulatory concerns.
The dPrism Strategic Data Assessment consists of three steps.
Step 1: Understand strategic business objectives and current data landscape
The assessment starts with ensuring an understanding of the organization’s critical strategic objectives, its product/service portfolio and market growth strategies. This is followed by a detailed series of discovery exercises to develop a baseline picture of the organization’s data capabilities, data management, quality and governance processes, staffing and skills, data tooling, and how data is currently leveraged for business decision making and insights across the business.
The output of this step is baseline documentation of current capabilities and a series of identified gaps in capabilities fully aligned to the organization’s strategic growth and operational performance priorities.
Typical areas of review:
- The effectiveness of collection and management of primary sources of data critical to the business and whether there are gaps that need to be filled.
- How effectively data is integrated to provide a 360-degree perspective of customers and business operations.
- The maturity of data security management practices and processes.
- Current state of data visualization and analytics capabilities and how insights are derived from data in service of business strategy and execution.
- How effectively master-data about customers, products, etc. is managed and whether there is a trusted, joined-up view across the organization.
- The state of maturity of data architecture, processes and management of the technical platforms and data landscape.
Step 2: Pressure-test for gaps in data capabilities
Taking the output from the first step, dPrism builds a series of hypotheses about critical gaps in data capability and changes to processes, insight strategies, etc. that would be required to mature the impact of data in service of the overall business strategy. These hypotheses are pressure-tested with key stakeholders across the business, resulting in the development of a prioritized series of recommended changes, actions and investments. This step is supported by the extensive experience of the dPrism team to compare to best practice in data excellence.
Step 3: Develop a roadmap
The final step of the assessment process is the delivery of a roadmap for sequencing investments and prioritized actions over your organization’s desired timeline. By following the roadmap, the organization will effectively mature its data capabilities and use its data assets to accelerate successful outcomes aligned with the business’ strategic priorities.