Speaker 1: In this video, you will learn how to develop a data strategy. I believe that every company and every organisation now needs a data strategy. Data has become one of the most valuable and important business assets for companies and businesses need to approach this now strategically to really figure out what data they need and how they best use their data to drive their business performance. I have probably developed more data strategies than anyone else in the world, from working with small and medium-sized companies right up to big blue ship companies and big brands like Shell. I've recently developed their data strategy and I've also written the internationally best-selling book on data strategy which you can see here which now has been translated into lots of different languages so you can now get this in Spanish for example or you can get this in Chinese and I believe has been translated into lots of other languages including things including languages like Turkish and even Vietnamese. So there's a lot more to dive into if you want to go into into depth but what I want to do in this video is really share my experience with you and give you a step-by-step introduction to data strategy so you can actually take this from here and develop a data strategy for your organization or understand how I would develop a data strategy for any company. So the starting point is that we need to figure out what are actually some of the most strategic, some of the most important data use cases in your organization. Important is that you don't just start with how could we possibly use data because there are endless possibilities. So for me it has to start with your business strategy. So you go back and say what do we actually want to achieve as a business? What are some of our key challenges? And when I work with organizations, I usually look at four different lenses that we look at this strategically. The first lens is using data to help you better understand your customers. So use data to understand who your customers are, what they might buy, what the market trends are, so anything around understanding market understanding customers. The second lens is then to look at offering smarter products and smarter services to your customers so you can use data to give customers a more customized experience to fine-tune services to them to add additional value and I've written lots of articles and lots of videos on On this channel you can see on how companies use data to develop smarter products from companies like Google to Amazon and others. The third lens is to look at how you can use data to improve your internal processes, so you use data to improve your operations, to run your business better, to do better marketing, to improve your manufacturing processes and so on. And the final lens is to look at data from a monetization perspective. So you look at data and say, how can I actually use data as a real asset that I could sell or rent? And the telecom companies, for example, are now collecting lots of data. Can they make this available? Companies like financial services, organizations such as Mastercard, for example, they are now collecting lots of data. They can now package this and sell this to others. So those are my four lenses. We look at understanding customers, smarter products and services, improved operations, and monetization. And I would probably look at this in this order. So there are different approaches. When I work with some organizations, want me to just facilitate this process. So when I work with Shell, for example, what we do is we run a series of workshops where we get a cross-section of people together in a room. And I then facilitate this process where we then identify some of the key use cases across some of those strategic lenses, and then basically use a template to figure out, okay, what are some of the most important use cases for your businesses, for your strategy. Other organizations want a slightly more hands-off approach, and I then do a series of interviews. So I interview the key people in the organization, I analyze the strategy, and then based on this, I would identify some of the key use cases which we then define. And actually to help you do all of this, what I have done is I have developed a data use case template. So this is something, I will put the link in the bottom of my YouTube video, and you can go to my website at bernardma.com where you can download this for free. And this takes you through this process step by step in a really easy way. So you start with identifying, okay, what is actually my strategic goal? What is the business challenge I want to address? And you capture this. Once you've done this, you then say, okay, can I identify some measures of success? If I use data to help me with this, how is this boosting performance? How is this helping me to be more successful as a business? And then you want to assign an owner to your use case. And then you say, OK, now who will be my data customers for this? Is this something that the marketing team is using? Is this something the operations team is using? And then you need to figure out, OK, in order to do this, what data do I actually need? So you then figure out what data, where this might come from, what data sources. And then you've once you've done this, then think about are there any data governance implications. So for example are there any legal requirements I need to watch out for especially when you for example collect customer data, personally identified viable data, there are laws like GDPR that you need to take into account. And then you figure out okay how do I then turn this data into insights or what analytics approaches do I use and then you figure out some of the implications around technology, around skills that you might need to develop and some of the implementation challenges. So you use this template, you fill this out for all your key use cases and then you basically have the starting point for your data strategy. So let's assume you have identified 15 use cases for your business, you then need to figure out what are the most strategic ones, what are the most important ones, and what are some of the cross-cutting issues. And again, I have a template then. Again, you can download this from my website or from the link below. And this is then your data strategy template. And what you do here is you look at all the use cases you've identified and you pick between one and five, depending on how big and ambitious you want to make your data strategy. These are the most strategic, the long-term, the really important use cases. But then I also recommend that you define between one and three, what I call quick wins, where you say, okay, these are projects I can run pretty quickly. I can demonstrate value. really helps buy-in when people can see results from your data strategy. And then again you identify some of the cross-cutting things like data requirements. So if all the use cases need different data you might need to think about how you align all of this, some data governance requirements around all of this, some technology requirements, it might mean putting a big data warehouse in place or data layer, again what skills you might need for your business to implement the entire data strategy, which might mean upskilling some of your data science teams, recruiting someone, partnering with others, and then you look at some of the implementation challenges and the cultural challenges around this. And basically this is it, this is how you develop a data strategy. So once you have all of those all those ingredients you You can then write this up into a data strategy and you can start implementing it to develop real value. There is a lot more content, as I said, you can download the templates from my website at bernhardma.com and you can check out my YouTube channel where you have a lot of other videos that talk about how businesses have actually put their data strategy into practice to deliver real value. So hopefully that was useful. you