Developing a Modern D&A Strategy

According to Evanta’s annual Leadership Perspective Survey, data and analytics (D&A) strategy is the second most critical priority for CDAOs in 2024, behind generative and traditional AI. As AI rapidly advances, it is vital for CDAOs to evaluate their approaches and ensure they can support new capabilities and business objectives.

Recently, the Boston CDAO Community gathered for a town hall to discuss how they can develop modern D&A strategies that drive measurable business outcomes. During this interactive program, data and analytics leaders shared tips for creating a D&A strategy, building “AI-ready” data foundations and gaining executive support.

Matt Griffiths, Vice President, CDO at Stanley Black & Decker was the moderator for the program. Chantel Wilson Chase, Director, Quality Analytics and Reporting at Alexion Pharmaceuticals; Chris Moss, Head of Data and Analytics CoE at Bose Corp; Elena Matchey, Head of Analytics Strategy at Netskope; and Jane Chen, Senior Director, Data & Analytics at Analog Devices helped facilitate conversations as discussion leaders.
 

Factors Influencing D&A Strategy

Matt Griffiths opened the town hall by discussing the external factors that drive D&A leaders to rethink their strategies, as well as the internal factors that determine how they define and measure success. Matt shared how rapid technological advancements in data, analytics, and AI frequently disrupt their strategic plans and challenge the foundations they’ve spent years building. He said, “Just as we become proficient with one set of data, we are confronted with new challenges, like the integration of generative AI capabilities.” 

Additionally, Matt mentioned how data ethics and privacy have become paramount, with CDAOs now needing to be well-versed in these areas. He also discussed how the talent and skills gap for data professionals is widening, adding another layer of complexity.

From an internal lens, Matt emphasized how D&A leaders should align their goals with the broader organizational objectives, as well as build strong relationships across the business to gain executive sponsorship, particularly with the Chief Information Security Officer and Data Privacy Officer. At Stanley Black & Decker, Matt shared how an increase in executive support is impacting his D&A strategy. He said, “Our goals and capabilities are now tied to the biggest goals within the organization. My business executives want to talk to me about how I can help them more than ever before.”

Given these internal and external pressures, it's clear why data and analytics strategy remains a top priority for CDAOs, and a topic that requires continuous attention and adaptation.
 

Key Takeaways from the Discussion

1. Align with the Business Goals and Develop Clear Success Metrics: CDAO community members agree that successful data and analytics strategies are closely aligned with the broader business objectives to ensure they support and drive the company's goals. In addition, they discussed how this alignment helps in gaining traction with business partners and securing support from leadership.
   
   One CDAO said, “Ensure the D&A strategy aligns with what the business is trying to achieve and get face time with the C-suite to encourage them to become champions of it.” They also acknowledged that this involves setting clear definitions of success and establishing robust Key Performance Indicators (KPIs) to measure progress and impact.
    

1. Invest in the Data Foundation: Foundational data was a major theme throughout the town hall, and one CDAO epitomized this when they said, “The company needs to focus on investing in the foundational data – not just building it, but also maintaining it.” They are prioritizing high data quality and clear data lineage, and they believe the voice of the data consumer is paramount. 
   
   One CDAO added, “Regardless of the tools and technologies in place, if users perceive data to be of poor quality, it undermines trust and usability.” Another shared that they are establishing channels for customer feedback to identify and address data quality issues. 
   
   Many CDAOs are leveraging the spotlight on AI as the chance for the company to pay more attention to the data foundation and communicate the impact this can have on financials and risk reduction. One CDAO voiced, “We’ve all had negative experiences with ‘lift and shift strategies.’ How do we make the business case that doing this the right way will lead to better outcomes?”
    

2. Focus on Agility and Adaptability: They discussed the importance of developing a lightweight and agile operating model for gaining momentum and adapting to changing needs. This includes avoiding rigid tech solutions and focusing on who will be using the data and how. They also agreed that they need to simplify their governance structures so they are easy to understand, implement and manage.

By focusing on these key areas, CDAOs are working to develop modern D&A strategies that drive better business outcomes and foster a culture of continuous improvement and innovation.

CDAOs can continue the discussion on data and analytics strategy at an upcoming Evanta community gathering. Evanta community members can sign in to MyEvanta to find events and register with one click. If you are not an Evanta member, apply to join your local CDAO community to stay up to date on key topics for data leaders.
 

by CDAOs, for CDAOs
 

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