Defining the data strategy - “better data for everyone”

The fundamental question behind any data strategy is:

    How can data assist the organization in delivering its business strategy?
             

The business strategy may be to move into a new geography, radically change its operations to meet competitive challenges or to develop a new product line. Whatever the direction of the business strategy, there is always an element of internal business transformation and a need for information about the new opportunity that the business strategy embraces.

Jules Keeper was hired by Coco Pharmaceuticals to drive their data strategy.

During his first few weeks at Coco Pharmaceuticals, Jules spent his time understanding the workings of the business and the impact of the new business strategy of moving towards personalised medicine.

To date they have developed one new personalised treatment that is designed for patients with a specific genomic marker. The impact on the business was as follows:

As Jules dug deeper he noticed that the exchange of data between different parts of Coco Pharmaceuticals was pretty minimal, focused on the regularly scheduled processing of orders, manufacturing and deliveries. Going forward, Jules could see that key people in Coco Pharmaceuticals are going to need accurate real-time data that helps them manage a dynamic and constantly changing business.

In particular:

The purpose of the data strategy is to identify and plan how data can transform business to meet its strategic goals.

In Coco Pharmaceutical’s case they need to reduce cycle times across business. Data needs to be exchanged between different parts of the business as triggers for the different life cycles. New types of data needs to be collected, managed and used - all of this this implies an investment in new systems.

Jules realizes there is a lot to do! He creates a simple framework that organizes what needs to be done into understandable chunks that can be delivered and measured incrementally. Figure 1 shows his first attempt.

Figure 1

Figure 1: Data Strategy Framework

He feels the names of the framework could be improved, but it essentially covers the major building blocks:

Jules shares this framework with the board and his peers. They are cautiously supportive but want to see more detail before committing to it. The company has prided itself in its informality, collaboration and trust and this seems to be moving away from this model. The board understands that things need to change but they created Coco Pharmaceuticals as a startup and is it very dear to them. They have no experience of how to scale it up to meet the new business needs. The effort looks expensive and is likely to divert investment from pure research which is also something that they are concerned about.

Jules is not discouraged by the feedback - in fact, he is pleased that his colleagues have openly expressed their concerns so he can work with them to ensure the right compromises between evolution and tradition are maintained.

He begins to work on the next level of detail:


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