In today’s fast-paced business landscape, the pursuit of data-driven excellence has become a common theme. Companies large and small are eager to extract more value from their data and make smarter, more informed decisions. CEOs and executives have embraced the importance of data, recognising it as a key driver of success. However, the path to becoming truly data-driven is often strewn with challenges, and the gap between ambition and reality has never been wider; combined with the onslaught of Artificial Intelligence, the business case for data has never been stronger.
Despite this, many organisations are still grappling with fundamental questions and business problems:
- What can data do for us?
- Where does our data come from?
- Can we trust our data?
- Why do we always seem to lack the data we need?
These challenges underscore the critical need for a comprehensive data strategy that unifies your efforts behind a clear vision and a compelling case for change rooted in your business objectives and priorities.
Creating and executing a successful data strategy is a complex undertaking, and the process of presenting it to the board can be particularly daunting. This is where storytelling emerges as an invaluable skill for data leaders. Drawing upon our extensive experience in effectively engaging with boards and senior forums, these are our top tips on how to master the art of storytelling and make your data strategy presentation resonate with key stakeholders.
Understanding the Board: Before diving into your presentation, it’s essential to grasp the role and expectations of the board. Unlike traditional strategy and delivery forums focused on content, requirements, and delivery packages, the board represents company shareholders. They prioritise strategy, governance, corporate plans, risks, employees, customers, and transformation matters. Your presentation must align with their high-level, strategic, business-centric perspective.
Preparation is Key: Success in presenting your data strategy to the board hinges on meticulous preparation. Here are some critical steps to ensure you are well-prepared for the pivotal meeting:
- Present a Clear, Actionable Strategy: Define a clear route for your data strategy. Understand whether you need to present to a committee or sub-committee before the board. Typically, presenting to the Executive Committee (Excom) in advance of the board presentation.
- Research Previous Board Presentations: Learn from previous use cases and the experiences of past leaders in your organisation who have presented to the board. Analyse previous transformation, digital, and customer-focused initiatives to gain insights into what worked and what didn’t and the board’s key questions and expectations.
- Get the Full Agenda: Understanding the full board agenda is crucial. It provides insight into the board’s priorities and allows you to align your presentation accordingly. If the board confidentiality restricts access to papers, request the agenda to gain a sense of their overarching concerns.
- Define Your Single Takeaway: Board members have limited time and attention. Clearly define your primary objective for the board meeting, whether it’s seeking approval, acknowledgment, or immersion. Ensure all your preparation centres around this key takeaway.
- Immersion and Understanding: In some cases, board members may not be well-versed in the use of data. Or indeed the value of data. If necessary, organise a discovery or immersion session to establish a common understanding of data and its capabilities. Your takeaway may include a checklist of data success factors and how they underpin the entire business.
- Speak the Board’s Language: Avoid using technical jargon in your presentation. Focus on concrete use cases and business outcomes. Highlight the changes you plan to implement, competitive advantages, and the importance of the right people and support for decision-making.
- Detail who you co-operated and collaborated with: This starts to engage board members with responsibility in these areas. This will help you to build credibility and invites sponsorship and inclusion.
On the Day of the Board Meeting: Despite thorough preparation, it’s natural to feel nervous on the day. Remember that board members are human, just like you, and they are there to listen to valuable content. Here’s how to navigate the actual presentation:
- Set the Scene: Take your time to introduce the importance of your data message. Explain why it is a critical company topic and why board involvement is essential for progress. Use interesting visualisation to help make your business case.
- Provide Context: Briefly outline your journey, detailing what you have done, how you are collaborating, and with whom. This demonstrates methodical progress and activates the involvement of those accountable for various aspects of the initiative within the organisation.
- Use Your Presentation as Support: Be prepared to answer questions and adapt to the direction of discussions. Board meetings often wander, given the presence of numerous participants. Pre-briefed board members can help refocus discussions and advocate on your behalf.
- Thank the Board: Regardless of the outcome, expressing gratitude and courtesy at the end of your presentation goes a long way.
Measuring Success: A successful board meeting is marked by meaningful engagement, discussion, and challenge. It provides an opportunity to gauge whether you are heading in the right direction and whether you have adequately prepared. Look for take-away actions that align with the board’s interests for future sessions, and aim to provide board members with a checklist for understanding success in terms they can relate to.
In conclusion, you’ve reached a significant milestone by presenting your data strategy to the board. This journey is not just about what data can do for your company; it’s about what your company is doing for data. By mastering the art of storytelling and adhering to these best practices, you can successfully bridge the gap between data aspiration and boardroom achievement, ultimately driving innovation, competitiveness, and sustained growth.
Author: Frank Brugnot