Analytics on offense: How to build a data strategy

In a conversation between a Wall Street bank's Chief Digital Officer (CDO) and analytics expert Tom Davenport, the importance of having a clear data strategy was highlighted, as many enterprises collect vast amounts of data but lack clarity on its operationalization. Davenport emphasizes that a data strategy should go beyond mere collection to include purpose and actionable use, advocating for a balanced approach between offense and defense in data management. He believes that enterprises often default to defensive tactics such as cybersecurity due to fear of mishaps, which limits experimentation and innovation. Instead, Davenport suggests a mixed approach where analytics is used offensively to drive revenue, create new products, and enhance customer relationships. He proposes restructuring teams to be more decentralized, promoting better collaboration between technology and business units, and embedding analytics into business processes for true operational analytics. The ultimate goal is for companies to define a comprehensive data strategy that aligns with business objectives, ensuring they are truly data-driven rather than merely collecting data without purpose.

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