The Role of Data Discovery in Building a Strong Analytical Function
In today's data-driven world, businesses increasingly rely on intelligence to make informed decisions and seize opportunities. The cornerstone of this intelligence is data, which fuels business intelligence (BI), analysis, and data science functions. This blog post focuses on the critical process of Data Discovery, a fundamental step in our Capability Accelerator programme designed to enhance your company's internal analytical capabilities.
Understanding the Journey
When we support companies in building a robust analytical function, we begin by understanding their ultimate goals. We then work backwards to map out a clear, step-by-step roadmap that starts from their current state and guides them towards their desired end state.
Our Capability Accelerator adopts a systematic and comprehensive approach to reviewing your data function. We ensure it aligns with your future business needs and opportunities by examining five key areas: data, systems, people, process, and knowledge. This blog post provides an overview about our Capability Accelerator and how we get you on the right path to realise your goals.
Our Capability Accelerator adopts a systematic and comprehensive approach to reviewing your data function. We ensure it aligns with your future business needs and opportunities by examining five key areas: data, systems, people, process, and knowledge. This blog post provides an overview about our Capability Accelerator and how we get you on the right path to realise your goals.
What is our Capability Accelerator?
Our Capability Accelerator involves understanding where you are heading and helping you to get on the right path to success through our process. This process takes into account three key user groups: your customers, your employees on the ground, and your business strategy. By understanding the needs and perspectives of these groups, we ensure that the Capability Accelerator process is comprehensive and relevant.
Step 1: Stakeholder Requirements
The first step involves engaging with key stakeholders to understand their views on the current analysis and reporting capabilities. This includes:
1. Engaging key stakeholders and interested parties.
2. Understanding stakeholders' perspectives on the current capability.
3. Collaborating with stakeholders to define future capability requirements.
4. Finding and addressing gaps and opportunities.
5. Prioritising areas for the next phase and creating use cases.
1. Engaging key stakeholders and interested parties.
2. Understanding stakeholders' perspectives on the current capability.
3. Collaborating with stakeholders to define future capability requirements.
4. Finding and addressing gaps and opportunities.
5. Prioritising areas for the next phase and creating use cases.
Step 2: Current State Assessment
The next step is an immersion into fact-finding to understand the current state of data within your organisation. This involves several phases:
1. Data & Systems Inventory: Discovering what data exists across the business, where it is stored, and its accessibility for analysis and reporting.
2. Data Usability: Assessing the usability, quality, and capture processes of the data.
3. Capability: Understanding the people and skills currently in the teams and the challenges they face.
4. Processes: Documenting any processes that exist currently and any pain points encountered.
5. Knowledge: Detailing information that is shared across wider teams, what is missing and what is useful as well as the level of trust across the data, reporting, and analysis.
All the information is then provided as an overall Key Insights deck shared with the business and stakeholders to summarise the current state.
1. Data & Systems Inventory: Discovering what data exists across the business, where it is stored, and its accessibility for analysis and reporting.
2. Data Usability: Assessing the usability, quality, and capture processes of the data.
3. Capability: Understanding the people and skills currently in the teams and the challenges they face.
4. Processes: Documenting any processes that exist currently and any pain points encountered.
5. Knowledge: Detailing information that is shared across wider teams, what is missing and what is useful as well as the level of trust across the data, reporting, and analysis.
All the information is then provided as an overall Key Insights deck shared with the business and stakeholders to summarise the current state.
Step 3: Gap Analysis
Gap Analysis involves checking the current state against the desired future state (or best-in-class state) to find areas of improvement and potential growth. This step is crucial in understanding where you are and where you could be, forming the foundation for a strategic plan to bridge these gaps.
Step 4: Roadmap to Success
The final step is creating a roadmap to success. This roadmap outlines the steps needed to transform your data capabilities, ensuring alignment with business strategy and goals. It provides a clear and actionable plan to enhance your analytical function, driving better decision-making and business outcomes. This can either be achieved with the current teams, or we can support accelerating your capabilities whilst you get started on your journey.
Conclusion
By systematically assessing stakeholder requirements, understanding the current state, conducting a gap analysis, and creating a roadmap to success, businesses can enhance their data capabilities and ensure their decisions are backed by robust evidence.
Our Capability Accelerator programme is designed to guide you through this journey, providing a structured approach to transforming your data function and unlocking new opportunities for your business.
Our Capability Accelerator programme is designed to guide you through this journey, providing a structured approach to transforming your data function and unlocking new opportunities for your business.