What is data strategy and why is it important? [Framework & Examples]
If you run a business, you certainly have data. However, data on its own can’t help you to make data-driven choices to improve your business. You need a data strategy to turn data into value.
Data strategy refers to the tools, processes and rules that determine how you manage, analyze and process your data.
THE DATA STRATEGY
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To overcome the problems that can occur in case no effective data strategy is implemented, you need to pursue the following goals:
Also, because your IT department is responsible for implementing and monitoring the tools and infrastructures that implement your data strategy, consider IT resources and capabilities when setting goals.
Although no two data strategies are alike. All successful data strategies consist of 4 key components. Each of which is involved in implementing your data strategy.
First of all, your data strategy should strengthen and improve your overall business strategy. In order to achieve this, start by setting clear and scalable goals for your data strategy that will help your larger business strategy.
Set long-term and short-term goals. You can set a short-term goal to do monthly monitoring.
For example: The long-term goal may be to achieve a sustainable/continuous data checks.
Your business may already have a data strategy. However, the strategies of many companies are written many years ago. Periodically review your strategy to see if it meets your current business goals and available tools.
Lastly, data management. This encourages all team members to view data as a business asset rather than as an aid to business operations. Which will encourages employees to follow policies when working with data.
The basis of effective data management is one, which creates processes and responsibilities that ensure the quality and security of data used in the organization.
You need to update your data policy to reflect the changes your company needs. You can keep all of your data on premise today, but if you move your data to the cloud, you’ll need to update your data management policies to enable cloud-based data management.