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Decide what data is needed to prioritise investments

How to make ambitious investments in new technology.

Make sure you are fully informed before making crucial technology investments in your business. A central mistake is not aligning these business costs to targeted parts of the overall company strategy. Consultancy firm McKinsey & Co has produced an informative guide to building a data-driven strategy. It places choosing the right data, building models that predict and optimise business outcomes and transforming you company’s capabilities as the three most important factors in this process. Once in place, the right data, and the processes to extract useful insights from it, will help determine where quick, affordable and impactful investments can be made in technology.

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