Would you drive your car watching only the rear-view mirror or do you want to see what’s ahead? So, why would you run your business any differently?
Our new article series is on building a data driven strategy. Strategy is about protecting and extending our differentiators. Data is the new gold. In this series, over the next several weeks, we will explore how to marry the two and leverage data in your enterprise strategy.
Universal Business Challenge
Most businesses seek to build and execute a strategy based on a deep, measurable understanding of its customers and generate predictable results. It would certainly be difficult to argue with that desire.
However, most businesses operate on historical information – their rear-view mirror. Of course, monthly and quarterly results are important to track. But we also need to look ahead.
That means we need to align our data assets with our strategic objectives, track the right metrics, and then use that information to predict future business outcomes.
Start with an Evaluation
Here are six great questions to challenge your organization as you build your strategy:
- Do we truly understand our customers’ wants, needs, and trends?
- How does our strategy articulate our differentiated customer value proposition?
- Can we describe our strategy through objective measures?
- How will we align our entire organization with our strategy?
- Do our data assets reflect what is crucial to our strategy?
- How will we leverage our data to accurately predict future business outcomes?
We’ll explore each of these in the coming weeks so watch for the articles.
As always, if you are working on your strategy already, or just don’t want to wait for the entire set of articles, email Emily Ford at Emily@WolffStrategy.com and she’ll be happy to set up a free 30-minute consultation with me.
Larry Wolff is the founder & CEO of Wolff Strategy Partners, a boutique consulting firm specializing in Enterprise Strategy Management, Digital Transformation, and Executive Coaching. Larry has served as CEO, COO, CIO, Chief Digital Officer, and management consultant for public, private, international, and emerging growth companies. His specialties include corporate and IT strategic planning, technology led business transformation, business and IT turnarounds, merger integration and large-scale project rescues. His methodologies span industries and scale to companies of all sizes.
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