Unleash the Power and Profit of a Data + People Strategy

WebinarJuly 2023

Rapid improvements in data and technology are driving the potential for businesses to accelerate learning and growth at break-neck speeds. But as we’ve witnessed, success is only achieved when we can evolve our actions at an equal pace.

The current cultural divide between business and data teams is so wide and distrustful that few companies are reaping the benefits of data. Instead, many CXOs still do not see ROI on their data investments. So what’s the winning formula for leveraging data using today’s technology? A data strategy that puts people at the center. Or simply get decision-ready data into the hands of people who will use it. These people will contextualize insights and take actions, but they need help to accomplish it.

In this session, you'll find out how to drive sustainable profits by unleashing the power of a Data + People Strategy to bridge the divide with a culture of continuous innovation and feedback.

Key Takeaways:

There are no winning strategies without a basis in data
Data and business strategies are both useless without the people to champion decision-making and actions
Zipping up the cultural divide between data teams and business practitioners is crucial for driving outcomes with data

Summary

In the ever-changing digital economy, merging data and people strategies is a must to stay competitive. A major challenge is closing the cultural gap between business and data teams, often leading to miscommunications and strategic roadblocks. Beth Bauer, CEO of Posi ROI, stresses the need for a united data strategy that places value at its heart. With over 30 years of experience, Bauer shares knowledge on optimizing returns through strategic data use, covering the entire data lifecycle from business consulting to privacy and governance. Central to this is the idea of data literacy and creating a mutual language across the organization to ensure that data serves as a binding force rather than a source of division. Bauer also underscores the importance of pleasing stakeholders, suggesting a framework for data leaders to prioritize stakeholder needs while avoiding overwhelming them with unnecessary data—termed as "data vomiting." She highlights the need for organizations to communicate the "what's in it for you" aspect of any digital transformation to encourage engagement and trust. Lastly, Bauer talks about the challenges introverts may face in a data-driven culture and offers strategies to ensure inclusivity in organizational communication.

Key Takeaways:

Closing the gap between business and data teams is vital for strategic success.
Data literacy and a mutual language enhance organizational cohesion.
Pleasing stakeholders is vital for gaining trust and achieving data goals.
Avoid "data vomiting" by focusing on relevant insights for stakeholders.
Introverts can contribute to data strategies by finding suitable communication methods.

Deep Dives

Closing the Cultural Gap

The gap between business and data teams ...
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is a persistent challenge in many organizations, leading to confusion and missed opportunities for strategic alignment. As Beth Bauer points out, this gap can obstruct the effective use of data to drive business outcomes. To overcome this, it's essential to establish a united data strategy that focuses on creating value. Bauer emphasizes the importance of treating data as a mutual language that can unite different functions within an organization. This involves not only improving data literacy across teams but also encouraging an environment where data becomes an integral part of the decision-making process. "We need to create a mutual data language that everyone in the organization can understand," Bauer advises. This approach ensures that data initiatives are not isolated but are instead integrated into the broader business strategy, optimizing return on investment and enhancing organizational coherence.

The Role of Data Literacy

Data literacy emerges as a critical theme in Bauer's discussion, serving as a link to unify disparate teams within an organization. Bauer argues that data literacy should extend beyond mere understanding to achieving fluency, where employees can effectively communicate insights and collaborate across departments. "It's not just about understanding data; it's about being able to communicate it effectively," she notes. Achieving fluency means translating complex data concepts into language that resonates with different stakeholders, whether they are in business, technology, or operations. This translation is key to encouraging a culture where data-driven insights lead to actionable strategies. Moreover, Bauer stresses that improving data literacy is not a one-sided effort; it requires reciprocal learning where data teams also understand the business context to better align their outputs with organizational needs.

Pleasing Stakeholders

Pleasing stakeholders is a recurring theme in Bauer's approach to data strategy, emphasizing the need to consistently exceed expectations to build trust and secure buy-in. She suggests that by prioritizing stakeholder delight, data leaders can encourage stronger partnerships and accountability, driving collective success. "Delight the stakeholder over and over," Bauer advises, highlighting that this involves not just meeting but exceeding expectations by continuously delivering value. Bauer encourages data leaders to develop frameworks that prioritize stakeholder needs, ensuring that data initiatives align with business objectives and deliver tangible benefits. This approach not only enhances trust but also empowers stakeholders to become advocates for data-driven decision-making within the organization.

Managing Data Insights

Managing the flow of data insights is essential to avoid overwhelming stakeholders with irrelevant information, a phenomenon Bauer describes as "data vomiting." She advises data leaders to focus on delivering insights that are meaningful and actionable, rather than inundating stakeholders with excess data. "We need to avoid data vomiting and ensure that insights are relevant and useful," Bauer explains. This requires a strategic approach to data communication, where insights are focused on the needs of different stakeholders and aligned with organizational goals. By doing so, data leaders can enhance the impact of their initiatives and encourage a culture where data is seen as a valuable asset rather than a burden.

Inclusivity for Introverts

Bauer addresses an often-overlooked aspect of organizational culture: the challenges faced by introverts in a data-driven environment. She emphasizes the need for organizations to create inclusive communication strategies that accommodate different personality types, ensuring that everyone can contribute to data initiatives. "We need to recognize that not everyone communicates in the same way," Bauer notes, suggesting that introverts may benefit from alternative methods such as structured small-group discussions or written feedback channels. By encouraging an inclusive culture, organizations can leverage the diverse strengths of their workforce, enhancing creativity and innovation in data strategies. Bauer's insights highlight the importance of adjusting communication approaches to ensure that all voices are heard and valued within the organization.