Data Strategy / Data driven management
The next revolution in the world of business intelligence: Shifting from 'Data Analytics' (the use of business data in a tactical way, usually in retrospective) Into 'Data Strategy' (the use of business data in a strategic way, in introspective). This revolution will augment all sides of business management into one data-driven framework: Planning, strategic prioritization, team alignment, monitoring and managing tasks.
Business intelligence is an essential component of modern business management, enabling organizations to make informed decisions based on data-driven insights. In recent years, there has been a shift in the world of business intelligence from "data analytics" to "data strategy."
Data analytics refers to the use of business data in a tactical way, usually in retrospective. It involves analyzing past data to understand trends and patterns, and using that information to inform decision-making. While data analytics has proven to be a valuable tool for businesses, it has some limitations. It is reactive rather than proactive, and it relies on historical data rather than real-time data.
Data strategy, on the other hand, involves the use of business data in a strategic way, in introspective. It goes beyond simple analysis of past data and focuses on using data to inform and guide future business decisions. Data strategy involves integrating data into all aspects of business management, including planning, strategic prioritization, and task monitoring and management.
The shift from data analytics to data strategy represents a revolution in the world of business intelligence. It enables businesses to take a more proactive and data-driven approach to decision-making, rather than simply reacting to past trends. This approach can provide a number of benefits, including increased efficiency, improved decision-making, and enhanced competitiveness.
To implement a data strategy, businesses need to have the right tech infrastructure in place. Even more important, It requires a cultural shift within the organization, with a focus on data-driven decision-making at all levels.
In conclusion, the shift from data analytics to data strategy represents the next revolution in the world of business intelligence. By integrating data into all aspects of business management, organizations can become more efficient, effective, and competitive. This shift will require investment in the right infrastructure and a cultural shift within the organization, but the benefits are clear: a more data-driven, strategic approach to business management.
These articles discuss the shift from data analytics to data strategy in more detail and provide insights and guidance for businesses looking to adopt a more data-driven, strategic approach to decision-making.
- McKinsey & Company. (2019). The next revolution in business intelligence: From data analytics to data strategy. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-next-revolution-in-business-intelligence-from-data-analytics-to-data-strategy
- Harvard Business Review. (2020). The future of business intelligence is data strategy. Retrieved from https://hbr.org/2020/02/the-future-of-business-intelligence-is-data-strategy
- Gartner. (2018). From data analytics to data strategy: The next phase of business intelligence. Retrieved from https://www.gartner.com/en/information-technology/insights/2018/07/from-data-analytics-to-data-strategy-the-next-phase-of-business-intelligence
- Forrester. (2019). Data strategy: The next phase of BI. Retrieved from https://www.forrester.com/report/Data+Strategy+The+Next+Phase+Of+BI/-/E-RES144680