Data maturity is the level of sophistication of an organization in managing its data. It’s a process that requires not just a commitment and investment from the company, but also from the people who work there.
Data Maturity consists of three key stages:
- Stage One: Data Governance – It’s about setting up policies and procedures for how to manage information and how to govern data access.
- Stage Two: Data Quality Management- This focuses on ensuring that all information is up-to-date and accurate, as well as making sure that it conforms to company standards for formatting and naming conventions.
- Stage Three: Data Analytics – This involves using analytical techniques to derive insights from raw data sets.
According to MIT reports, organizations that have not achieved data maturity waste 50% of their time on problems like unorganized data and monotonous data quality. Data maturity refers to the level of any organization in utilizing the data collected through different channels.
Here are four winning strategies that can put your business on the path to achieving data maturity
1) Identify Relevant Business Problems:
The first step toward achieving data maturity is identifying the relevant business problems that need to be solved. Data can be collected and analyzed based on these pain points.
In order to identify relevant business problems, we should first understand the company’s goals and values. We need to know what they value and what they think is important. The business problem will be different for every company, but there are some universal problems that everyone faces.
2) Aligned Data Maturity Model:
Another crucial strategy for successfully using data is to align the data maturity models with the business goals. Many organizations mistake using generic models that don’t provide the required results.
The Aligned Data Maturity Model helps organizations understand their current level of maturity and provides guidance on how to get to the next level. It also provides examples of success stories from companies that have adopted data-driven decision making, which can be used as a case study for similar organizations.
3) Empowering Your Data Team:
Create an empowered data analytics team to improve data maturity. Set different metrics and KPIs to measure the performance of your analytics team.
To empower your data team, you should first provide them with a good working environment by giving them enough resources and tools they need to do their job efficiently. You should also encourage collaboration between different departments in order to create a culture of trust and transparency, which will lead to better communication between teams. Finally, you should provide regular training sessions so that your employees can keep up with technology changes and new developments in their field.
4) Operational Excellence:
Data maturity requires using data for operational excellence. The collected data must be utilized to promote innovation and creativity for becoming a data-mature organization.
Operational Excellence is a strategic approach that seeks to improve the performance of an organization by identifying and solving the root causes of inefficiencies. The goal of Operational Excellence is to create a robust and sustainable process that improves customer satisfaction, reduces costs, and increases productivity.
Operational Excellence is a systematic approach to identify and solve the root cause of inefficiencies. The goal is to create a robust process that improves customer satisfaction, reduces costs, and increases productivity.
Data is the new oil. All organisations will eventually have to become data literate and learn how to extract value from data. This is why understanding data capabilities is key.
This course, designed by Syed Sameer Rahman (voted as one of the top UK leaders in data) and the Tesseract Academy, is designed around a unique data maturity framework, which can help you assess your organisation’s capabilities, and decide on the best next steps.
The Data Science Maturity Framework is a 5-level process that helps you understand the current state of your organization’s data science capabilities.
You can find out more about who this course is for as well as enrol here.
Are you a Product Manager, Executive or Entrepreneur? This event will help you understand how to adopt AI.
Are you any of the following?
- A product manager or product owner?
- An entrepreneur
- Work in a startup or a scale-up
- A manager in a bigger organisation?
If yes, then it is quite likely that sooner or later you are going to have to deal with data science.
As more and more companies adopt AI and data science, it is inevitable that those who don’t are simply left behind. Those who do adopt AI, see massive gains in efficiency.
You can find out more and book your free ticket here.
We are excited to announce that we will be launching The Executive Data Science And AI Certificate!
The certificate is designed to help those who are interested in learning how datascience and AI can be applied in business but have no intention of learning proper technical skills. It is designed for individuals with at least one year of work experience in a business environment. It also includes a capstone project that allows students to apply their knowledge and skills in a real-world setting.
Data science, AI, Blockchain and Tokenomics
The Tesseract Academy specializes primarily in data science/AI and related themes (blockchain, software development, etc.):
- Reach out to us here if you are interested in our services that help decision-makers, no matter the stage of the evolution of their business
- Our certificates and courses are designed for busy executives, decision makers and managers you can find them all here.
- We also have free frameworks are designed by experts for non-experts who want to learn how to utilise technologies like AI, data science and blockchain.
- Finally, you can check out all our upcoming events that range from data science and AI for decision makers to product management and blockchain here.
Get in touch if you have any questions.