MVP Data Strategy for CDOs | CDO Matters Ep. 14

First impressions are everything. As a brand-new CDO, it is important to hit the ground running with a data strategy that pinpoints key use cases and quickly delivers value within an organization.In our 14th episode, Malcolm shares his perspectives on the top deliverable for most CDOs: the definition and execution of a corporate data strategy. He outlines his model for a ‘Data Strategy Minimum Viable Product’ (MVP), which embraces a highly iterative and pragmatic approach to defining and executing a strategy. This approach starkly contrasts more traditional approaches which often take years to deliver any business value. Rather than separating a strategy’s definition from its execution, the Data Strategy MVP deeply interconnects the execution with the ongoing evolution of the data strategy — where CDOs can earn the right to change corporate cultures or operating models by delivering business value rather than management edict. Malcolm argues that forcing a business to wait years — or even several months before it will realize any benefits of a data strategy — is a key reason for shortened CDO tenures. While a typical approach to a data strategy would involve 6-12 months of business analyses and requirements gathered across an entire enterprise before actually executing a strategy, the Data Strategy MVP hinges on a razor-sharp focus on quickly identifying a few key business outcomes.This is quickly followed by the definition and execution of a data strategy specifically to address those limited sets of outcomes. By repeatedly focusing on a small set of outcomes, organizations can successfully execute a holistic data strategy. Malcolm also dives into how taking a more tactical and results-driven approach to implementing a data strategy requires a strong data leader who can balance longer-term needs — such as defining an adaptable technology architecture or the right governance model — against short-term needs. Finding this balance will not be easy but is necessary to ensure short-term decisions do not compromise the ability to fully align the data to the business strategy in the long haul. Another key to the Data Strategy MVP — as outlined in the shared model — is the acknowledgment of the several business characteristics that CDOs cannot change in the short term. These include the data culture, corporate operating models and overall data and analytics maturity level.While more traditional strategy approaches would place changes to these things as strategic dependencies, Malcolm instead argues they should be considered more as constraints. This helps guide decisions on the best business outcomes the evolving strategy should be focused on in the immediate future. CDOs who have been tasked to execute a data strategy should find this episode of CDO Matters highly useful — especially those concerned that too much of a focus on data strategy is hampering their ability to deliver value.Newer CDOs unfamiliar with more agile approaches to program management will also benefit from this episode — as will those aspiring CDOs who are looking to make an impact for their business partners by finding ways to bring value in more iterative ways. Key Moments[2:10] Why Are CDO Tenures So Short-lived?[4:12] The Responsibilities of the Modern CDO when Establishing a Data Strategy[7:02] Creating a Centralized Data Culture[13:05] MVP Data Strategy Attributes[18:45] Defining Your Outcomes[20:52] Filling Gaps in Governance Maturity [24:30] Leveraging Analytical Insights Rather Than Operational[28:15] Delivering Realistic Business Outcomes[30:40] Succeeding as a CDO[33:05] Establishing an Analysis Roadmap and Governance Framework[36:46] Placing Technology at the End of Your Strategy[42:10] Summarizing How to Provide Significant ValueKey Takeaways Why are CDO Tenures so Short-lived? (10:32)“I would argue that one of the reasons for very, very, short CDO tenures is that [CDOs] rightfully identify that some fundamental ways the business operates need to change… however when you put those organizational changes or those cultural changes or those operating model changes as dependencies to be able to deliver value — and if you make those changes your top priority — you are going to have a hard time delivering value in the short term.” — Malcolm HawkerStart Small and Grow from There (18:32)“A key to this whole thing — being MVP-driven — is to focus on a limited number of outcomes... not all of them — one or two. If you want to take an MVP approach to a strategy — and I would argue it’s the best thing you can do is to show some quick wins and show some value and not get stuck in an 18-month long discovery and consulting engagement.” — Malcolm HawkerDelivering Plausible Value (32:25)“If you want to succeed at a data strategy…you do need to incorporate some idea of executing against the strategy as a part of your strategic model, where you plan to deliver iteratively as a part of executing on that strategy. Where that strategy evolves based on your ability to deliver.” — Malcolm HawkerLimit Your Scope and Don’t Boil the Ocean (36:14)“For now, you just need to figure out the governance needed to enable [your top outcome]. It’s simple, stay focused, keep a limited scope, be agile, deliver on one outcome. Figure out the governance dependencies for that one outcome instead of figuring out the governance dependencies for everything. Because if you try to figure out the governance dependencies for everything, you’ll be at it every day for the next three years — two to three years easily. That will consume every resource you’ve got, you won’t have delivered value, and it’s not going to be good. It’s not.” — Malcolm HawkerEPISODE LINKS & RESOURCES:Follow Malcolm Hawker on LinkedInChief Data Officers don’t stay in their roles long. Here’s why.Why Do Chief Data Officers Have Such Short Tenures?