Data and analytics are a key part of defining and measuring the success of your strategy. They are fundamental in driving business cases and agile implementation. (Big) Data, often unstructured of its nature serves a clear purpose, especially if you can identify what you want to measure overall. Making sense of unstructured data and figuring patterns is something for the specialist. But also as non data specialist, you can use data in to your advantage if you define first what you want to get out of this.
I recently read a great book around Big Data and how to use analytics to support your strategic imperatives (see below). And loved the strategic board which I thought is worth sharing with you.
Here some examples of strategic key elements/topics you should address and apply SMART KPI’s to measure success. But also to build your sourcing and analyse if the direction you have taken, ultimately drives the outcome you desire.
The Purpose Panel
The “Purpose Panel” sets the scene and provides an inspiring (I would make it inspiring as you want to motivate your strategy team to onboard the direction you are taking:) framework and overall context regarding the overall strategy. Your project should always be linked to that strategy to achieve the correct participation and required budgets. This can be for instance your mission/vision statement.
The Customer Panel
Customer are in the hearth of everything you do as a business. Without customers, there is no business. Within your strategic board it’s important to understand how much you actually know about your customer, or actually don’t know. These data points need to be clear and SMART.
The Finance Panel
The finance panel prompts you to consider how much you actually know about the financial impact of the strategy you are or are willing to implement. Bottom line when making an investment, a return is expected. This is not always a financial return, but taking this item on board, you should be able to identify the caveats in the direction you are taking
The Operations Panel
The “Operations Panel” prompts you to consider what you actually need to deliver upon your strategy and what you may need to find out. Partnerships and core competencies should be in line with the deliverables.
The Resource Panel
The “Resource Panel” prompts you to consider what resources you need to actually deliver your strategy. Resourcing and cost involved could run high that the profitability of the direction you are taking, can impact both the financial stability, as your operational rigor.
The Competition and Risk panel
The “Competition and Risk Panel” prompts you to consider what competition you will be up against as you seek to deliver your strategy. This panel is often missing from the strategy board and in depth analysis is required, to be able to differentiate. Some questions to answer:
- What is potentially the risk you are taking
- Who is your main competitor and why
- What is possibly threatening for your success
- Are there any specific market, customer, competition or regulatory risks
Make your questions SMART
Understanding which data points you require to add to your strategy board, requires making the KPI’s SMART. In most cases not all data points are structured, or even available. But a minimal set of good SMART KPI’s and data points can help the start of building up the metrics you need to analyse when engaging your strategical imperative.
It goes without saying the challenge is in the details behind your strategy. Furthermore gathering the data from both internal as external sources can take time. Thus taking an agile approach where you test and le
arn, and at the same time build up the data you need to validate the direction you have taken, is key.
If you are interested in learning more, and are seeking a simple book which next to easy to read, is also educational, check out “Big Data written by Bernard Marr”.
About the author: @Rahim Gulamali Strategic Customer Experience focussed Transformational Leader with outstanding track record across BPO, Strategic Change Management, Corporate Risk Management, Information technology, Technical and Financial Project Management. Proven track record in; designing, guiding, clarifying and completing (international) strategic programs; motivating teams and individuals to deliver; streaming and energizing existing business processes where People drive/own the success.