Developing a Data Science Strategy for Organizations

Developing a Data Science Strategy for Organizations Strategy plays a crucial role in any business. So, when the organizations entered the Big Data space, a data science strategy was required to help them make insightful decisions.

But what is data science strategy? And why is it indispensable in the present world? Let’s understand!

Data Science Strategy: Definition, Importance for Present-day Enterprises!

In simple words, the Data Science Strategy puts an organization to contemplate on the business growth with informed decision-making, hence creating a demand within the organization to invest in data science. The data science strategy will include areas like overall data science objectives, and strategic choices, regulatory strategies, and the data needs of the organization. It also includes data architecture, skillsets and competences, not forgetting the mechanism to measure the results.

With the definition or the concept of data science strategy clear, let’s understand why data science strategy has gained so much prominence in the current business world.

Over the years, data science has become one of the most important part of the dayto-day processes of the business. Reason: Swift adoption of disruptive technologies that enabled organizations to boost their agility and growth.

Data is the new black and organizations that have aced the data game are able to make well-thought decisions and gain intelligent insights as well. Various organizations have different methods to use and optimize the available data to take better decisions. And this is what industry experts refer as data science strategy. To understand the importance of data science strategy it is important to understand how it will help organizations drive growth and stay close to their clients.

How Organizations Use Data Their Data to Drive Data Science Strategy?

To understand how organization use their data let’s have a look at the report released by Deloitte. According to the report ‘Digital Transformation through

data,’ it was revealed that while most of the well-to-do organizations use their data to drive innovation across both business as well as revenue strategies, there are still huge number of organizations, which are struggling with their data. Reason: Lack of knowledge to give more prominence to the data investment as compared to other pressing needs of business. Based on the report, Deloitte has categorized organization into four stages of data science strategy journey – • Nascent: Organizations that are in their first stages of data science journey are said to be in nascent stage. These organizations collect the data, but data science is not the top priority with the management.

• Developing: Organizations that have reaped some benefits with data implementation but are still struggling to use updated technologies and tools. These types of organizations are known to be in developing stage.

• Mature: Businesses that have understood the value of data but are not making decisions based on the data available to them are said to be in the mature stage. Most of the organizations come under this category – where the importance is given to data-driven decision-making tools, but when it comes to decision making, the top management still depends on gut feeling or other traditional method to drive their business.

• Leading: Organizations which not only understand the importance of data science strategy but also take data-driven decisions come under this category. These are the organizations that don’t shy away from growthminded culture. Result: A culture that encourages and boosts ever-growing innovation and research. There are by far organizations that come under this category.

Once the organizations have understood where they stand in their data science strategy it is important for them to understand benefits of data science strategy.

Advantages of Data Science Strategy Implementation There are three major benefits of implying data science technology successfully and see the results for yourself. So, what are those advantages, let’s have a look.

• You will be able to Predict Your Customers’ Needs and will be able to serve them better time and again.

• You will be able to Retain Your Clients Better with the right data science strategy.

• Right data science strategy will help you Identify Your Target Audience and make advertisements that target them.

With benefits clear, are you wondering how can organization develop a data science strategy? Well, keep reading to know how you can develop a good data science strategy.

How to Develop Data Science Strategy?

In order to develop an effective data science strategy, the first and foremost thing organization need to do is to – •

Identify their business goals. A clearly articulated goal will help in developing right and effective data science strategy.

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Next step in the process is to find the right data science talent aka resources who know data science.

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Once all these steps have been completed it is now time to develop data science strategy.

In order to develop a data science strategy, it is important to define the goals and collect relevant data around it. The goal should be measurable as well as sustainable.

There are five main actions organizations can take to develop data science strategy.

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Associating with the business to find out where data science can help.

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Your next step should be to first identify the existing talent within the organization and upskill them on the latest tools and technologies. Data Science Certifications is one of the best way to upskill the current talent in your organization.

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Once that is done you can also hire new or fresh talent to add fresh perspective to the data science strategy.

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This is where you build a data science team – a first step toward creating a data science strategy.

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After all this hiring is done it is time for data analyst to analyze the gathered data to make insightful decisions.

Developing a data science strategy is crucial for businesses that want to stay ahead of the competition. It is imperative for organizations to understand the value of data and what a right data science strategy can do for their businesses in relation to better customer support, better market reach, and happy and satisfied clients.