From Data To Profit

CHAPTER 17Building the Data and AI Strategy

Building a data and AI strategy happens in stages. The process leverages the frameworks and information gathered during the assessment to deliver a plan. It's critical to document and share the data and AI strategy document with the rest of the business.

The value diminishes greatly if it stays buried in the data team or isn't shared beyond the C-suite. The data team's work will impact every part of the business, so the enterprise needs access to this document. This step is critical to starting from the same page and using the same playbook to move forward.

Defining the Data and AI Strategy

The data and AI strategy represents a guiding principle and needs a mission statement. Any initiative under consideration must be evaluated against this principle. Will it actually result in or contribute meaningfully to the business's core strategy and goals? Could the business achieve the same results more efficiently or effectively using another technology?

I was contacted by a late-stage startup looking at data products to grow revenue. The purpose was to accelerate its path to profitability. That became the mission statement and kicked off the data and AI strategy document. The business will leverage data products to accelerate its path to profitability.

As you can see, the first part of a data and AI strategy is simplistic. The purpose is to inform decision-making throughout the enterprise about why the business uses data and AI to create ...