Building block #1 - Strategy
Radar Group has done a study where they examined the current state and best practice for creating business value with data. During the study, Radar saw several typical attributes of the businesses that had a strategic basis for their data and integration work. These were considered to be "more mature" businesses. A number of these attributes were recurring in all or almost all "mature" businesses.
Why data and integration strategy plays a key role
A clear strategic basis makes it easier for the business to capitalize on the possibilities of digitization. The main aim of the study that Radar Group has recently done was:
- To investigate how far Nordic businesses have come in terms of data and integration maturity.
- To see what business benefit the businesses create with data.
Understanding what the most successful businesses do differently compared to others.
It has been proven that businesses that have a clear strategic basis for how they work with digitization also more easily capitalize on the possibilities of digitization. These businesses also have better resilience and endurance in the event of crises.
In the study, we see that data and integration strategy is a clear attribute linked to degree of maturity. The clearest result in the study comes from the businesses that have stated and established both data and integration strategies. Those businesses have a greater ability to extract value from their data. They manage to capture both internal and external values, i.e. internal efficiency as well as external opportunities.
Focusing only on one of the two areas (data and integration), can also largely contribute to being able to benefit from your data, but not as much as when both areas are included in your strategy. The businesses that lack a data and/or integration strategy consider themselves to be losing value, and this is mainly linked to efficiency and scalability.
Building Block #1 - Recommendation
Developing a data and integration strategy is our first building block for you who want to create business value through data.