There are plenty of great ideas and techniques in the data space: from analytics to machine learning to data-driven decision making to improving data quality. Some of these ideas that have been around for a long time and are fully vetted, proving themselves again and again. Others have enjoyed wide socialization in the business, popular, and technical press. Indeed, The Economist proclaimed that data are now “the world’s most valuable asset.”
5 Ways Your Data Strategy Can Fail
And how to avoid them.
October 11, 2018
Summary.
It takes a lot to succeed with data. For many organizations, progress is incredibly slow. And while data is being put into more processes, it is rarely seen on the balance sheet and income statement. In order for data efforts to be successful, a company must perform solid work on five components, each reasonably aligned with the other four. First, companies need properly defined, relevant, structured, and high-quality data. Second, companies need a means to monetize that data. Third, organization capabilities must be fit for data in three arenas: talent, structure, and culture. Fourth, companies need technologies to deliver at scale and low cost. The last element is defense, essentially minimizing risk.
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New!
HBR Learning
Digital Intelligence Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.