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Data Enhancement

Data is an increasingly important asset for most organizations. Successful enterprises have data at the core of their operations, supporting efficient decision-making and enabling new, data-informed value propositions.

The purpose of the data enhancement initiative is to investigate the quality and potential of the organization’s current data sources to identify any gaps and opportunities for developing new, data-based products and services. Data-driven innovation may involve utilizing techniques such as Edge Computing, Machine learning and AI.

The initiative will provide you with an in-depth understanding of what kind of data needs to be gathered, structured, and enhanced to support the new offerings for the benefit of the organization and its customers. We will also look into data governance processes that are crucial to ensure data quality and security over time.

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Activities

Data enhancement involves a number of cross-functional and collaborative activities depending on the situation and needs. This typically includes:

Management dialog
The initial activity is to clarify the business objectives and the data needs that may be required to fulfill these objectives. This is usually done in a collaborative workshop together with specialists and decision-makers.

Activity agenda
We will then co-create an agenda for the forthcoming activities. These will be conducted by a small team of experts, working collaboratively with stakeholders from the relevant parts of the organization to understand their respective requirements, constraints and perspectives on the data.

Data discovery
We will build a map of your current data ecosystem, including current data sources, databases and repositories. We will document their origin, structure, format, location, ownership and constraints.

Data profiling
The activities will then involve a thorough analysis of the existing data sources, including their quality, completeness, relevance, and accessibility.

Gap analysis
The results of the profiling will be mapped against the business objectives and the data needs that these will require. This will help to highlight areas of improvement or alignment.

New technologies
If applicable, the team may also assess the feasibility of utilizing new technologies such as Edge Computing, Machine learning and AI to develop new innovative products or services.

Governance
It is usually also relevant to look into the current data governance routines, possibly including compliance requirements.

Outcome

All activities will be documented in a comprehensive report, the Data Memorandum.

This will include:

  • Executive summary: We will provide an overall summary with our comments on the current and possible future state of the organization’s data capabilities. 
  • Key observations: This will include gaps and inconsistencies in the data that we may have encountered. We will also propose how to enhance and enrich the data to support new business needs.
  • Data governance: Depending on the current state, this may include guidelines on regular data quality checks, policies, archiving, and backup.
  • Priorities: We will provide recommendations and rationale for how to prioritize and focus, including a brief cost-benefit analysis. 
  • Future potential: Even if there are no specific data-based opportunities on your current agenda, our activities will often help uncover the hidden potential of the data that may be dormant today but activated tomorrow to support new business initiatives. 
  • Roadmap: To support your execution, we will suggest a high-level roadmap with key activities and resource needs along a timeline. 

If AI is on the executive agenda, the report will also include specific advice on how to go about getting your data and organization AI-ready.  

This will provide a solid basis for the organization to develop a data strategy playbook.

Another important outcome is organizational alignment. The interactions with stakeholders will facilitate a shared understanding of the organization’s data quality and priorities.

Download our One-pager about Data Enhancement
Data Enhancement (8 MB)

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Nils-Olof Bankell

Principal Advisor

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