Where do you plan to store all of your data? How do you intend to make the data more accurate?
What is the one reliable source of information? And how will it be integrated into the larger picture of your overall architecture and digital strategy? The practice of master data management is an additional component of data and analytics that carries a lot of weight.
What steps do you plan to take to modernize your company's approach to managing data risks? There is no doubt room for an upgrade in your data governance. You want to establish repeatable and sustainable procedures to help ensure that the quality of your data is adequately maintained. It is essential to have protocols for master data management in place. Lastly, another component of data and analytics is a grasp of business intelligence, reporting, predictive analytics, and quantitative tools your technology can deliver.
What is a toolset? And how exactly might technology assist you in reaching your destination?
Therefore, you should consider the fundamental technologies that can automate your processes and the layer above that takes all that information and transactional data and spits out something valuable to you in terms of communication. This type of analysis could be predictive analytics or certain types of reporting or BI tools, depending on the circumstances; whatever the case may be, you should also look at that component.
Now that we have identified all of these various moving components and aspects of our digital strategy, we need to determine what our implementation strategy and overall transformation strategy and plan will be.
Because we won't be able to implement these changes overnight, we need to look further down the road to determine how long this process will take and what our phasing plan will be. How are we going to administer these changes throughout the organization gradually? What are our top priorities? What is our overall strategy? One thing I'll point out is that for larger organizations, this could be a journey that spans multiple years; it could be three, five, or seven years before you reach the end of this path. What are our priorities? What is our overall strategy?
If you are looking out into the future, and even if you are a smaller or midsize organization, there is a chance that it will probably be a journey that lasts between 12 and 24 months or longer. Because of this, regardless of how long the journey is, you want to make sure that you look at the entire duration, the phasing strategy, and the overall approach and resource plan to help you get there. The business case and the study of return on investment come last, although they are not the least significant.
When looking at the figures, how much will this cost you, what kind of business advantages can we reasonably anticipate, and what business benefits can we expect?
There may be intangible commercial advantages to your company, and there may be "burning platform" kinds of causes for change, such as the need to update your outdated technology; yet, these intangible, unquantifiable benefits will not be sufficient on their own. Not only is it necessary to have quantifiable and measurable business benefits to help justify the project within the context of the overall digital strategy, but also to provide you with some project governance framework that will assist you in making decisions throughout the transformation. If you don't have the advantage of having a business case, you won't know how to make that choice since you won't have the data, and you won't have the ROI analysis to help. However, this will help you determine whether it makes sense to modify a technology. Also, just a heads up, you're probably not going to realize all of those benefits on day one; it's going to take some time so that business case and ROI analysis comes in handy again after implementation during the multiple phases of your transformation. So make sure that you use that as a governance tool during execution and then post-implementation as a benefits realization tool to make sure that you realize those benefits and optimize the benefits.
Consequently, ensuring you have a business case and ROI analysis would be best to provide the rationale for project governance throughout the transformation and optimize commercial advantages after the conversion.
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