When most companies were finalizing their 2023 strategic goals and investments, the economy was hot and the biggest concern was finding enough talent. Then, the Fed kept raising rates to cool the economy but many likely stuck to their annual plans. Just when the year was wrapping up, ChatGPT was released to the public and suddenly AI felt like more than just hype. Did many companies reevaluate their 2023 plans then?
By the end of June, companies around the world have likely spent about $125B of their budgets allocated to big data and business analytics solutions. Have you paused to reflect on what you’ve spent so far and where you should commit your remaining budget? Do you have any idea how successful last year’s projects were? And by success, I mean ROI rather than meeting project deadlines and budgets – though I’d bet most of them were not on time or budget either.
In today's data-driven business landscape, midsized enterprises across various industries face common challenges related to data management. These challenges, including fragmented data sources, data accuracy and security concerns, access and compliance issues, and the need for timely and reliable data, hinder business growth and inhibit strategic decision-making. While companies want to overcome these obstacles, they often do not spend effectively, or they throw good money after bad. At First CDO Partners, a company dedicated to empowering clients with effective data management strategies and processes, we recognize the importance of evaluating progress on data management goals at the midpoint of the year.
To begin, reflect on your data management (DM) goals for the year. Do they still align with the overall enterprise strategy and any adjustments that have been made to it? Are they still focused on generating high-value solutions, whether that be cost reductions, risk avoidance, or revenue opportunities? You are armed with more information now than when you first committed to these goals – do not be afraid to make adjustments if it is clear that assumptions were incorrect or that the world has changed. As mentioned, much has changed since you finalized those budgets and goals last year.
Next, evaluate the progress toward your adjusted DM goals for 2023. Celebrate your victories, identify gaps or roadblocks, and move forward with a renewed sense of purpose. Adjust or stop projects and programs that are falling short and reinvest these resources where they are most needed. This is easier said than done, as you must manage disappointed stakeholders, terminate contracts, avoid damaging reputations, and minimize the cost of the transition. Addressing these concerns and obstacles requires careful analysis, decision-making, planning, and political savvy. Although it may be easier to keep an ineffective project going, it is certainly a mistake to do so.
Effective data management is crucial for achieving growth and transformation. By evaluating progress on data management goals at the midpoint of the year, businesses can address pain points related to fragmented data, accuracy & security concerns, compliance issues, and the need for reliable data. This evaluation empowers enterprises to realign strategies, optimize processes, mitigate risks, and make data-driven decisions. The results of this evaluation may lead to some tough decisions, but you do not have to make them alone. By partnering with a trusted firm specializing in data management, you can get additional perspective on your goals, programs, and projects as well as evidence to support the changes necessary to unlock the potential of your data assets.