What Is Data Strategy

Data Strategy describes a “set of choices and decisions that together, chart a high-level course of action to achieve high-level goals,” according to DAMA’s Data Management Body of Knowledge (DMBoK). This approach includes business plans to use data for a competitive advantage and support enterprise goals. Having such a blueprint to align decision-making and activities around data assets makes it invaluable.

Data Strategy requires an understanding of the data needs inherent in the Business Strategy. According to Donna Burbank:

“It’s the opportunity to take your existing product line and market it better, develop it better, use it to improve customer service, or to get a 360-degree understanding of your customer. Data Strategy is driven by your organization’s overall Business Strategy and business model.”

A Well-Developed Data Strategy Has:

A strong Data Management vision
A strong business case/reason
Guiding principles, values, and management perspectives
Well-considered goals for the data assets under management
Metrics and measurements of success
Short-term and long-term program objectives
Suitably designed and understood roles and responsibilities

Other Data Strategy Definitions Include:

“A pattern in a stream of decisions.” (Peter Aiken)
“Aligns and prioritizes data and analytics activities with key organizational priorities, goals and objectives.” (CDO LLC)
“A coherent strategy for organizing, governing, analyzing, and deploying an organization’s information assets that can be applied across industries and levels of data maturity.” (Harvard Business Review)
“Concepts of standards, collaboration and reuse applied to data to support improved accuracy, access, sharing and reuse.” (SAS)
“Intentional action and prioritization plan to:

Harness and integrate data
Create and disseminate information/intelligence

Advance a business mission“ (Stony Brook University)
Data Strategy Use Cases Include:
Bringing analytics, Data Governance, and Information Architecture together by launching a Data Strategy at a global food enterprise
Building a Data Strategy to ensure consistency among agencies across the state of Oregon
Implementing a Data Strategy at Cummins to put clean, manufacturing data in one place
Refreshing a Data Strategy to keep up with changes in business needs at Freddie Mac

Businesses Develop a Data Strategy To:

Manage torrents of data that are critical to a company’s success
Think of the future and trends and how to best manage them
Drive innovation and establish a data culture
Support the re-imaging of decision-making in an organization – at all levels
Develop a sustainable competitive advantage given the volume, depth and accessibility of digital data

Comments

Agile or Iterative approach : Finding the right balance

Our prospect is an auditor firm. They are providing professional service for more than 4 decades and they have significant high value clients. We approached them for our Dataceptions’ services including RPA. The discussions lead to many important approaches and we submit our view for very practical purposes. Approaching Digital Transformation and Process Automation a more agile or iterative approach. Pros: Agility and Speed: Approaching digital transformation without extensive documentation allows for quicker implementation, addressing immediate needs and adapting to changes rapidly. User Feedback: Early engagement with end-users during the trial phase provides valuable feedback, ensuring the final solution aligns closely with user needs. Risk Identification: Identifying risks early in the process allows for timely adjustments and mitigations, reducing the potential for major setbacks. Learning by Doing: Hands-on experience through trial and error can provide insight...

Stuck in a Logic Box? Get Outta Here, Boss!

Remember that time you thought launching a samosa-flavored ice cream was the next Amul revolution? Or when you poured your life savings into a betel leaf toothpaste startup? Yeah, we've all been there, trapped in the dreaded logic box. But fret not, my desi entrepreneur friend! Today, we're busting that box wide open and learning to think like a Warren Buffett, not a buffalo in a logic maze. So, what's this "logic box" business, you ask? It's like the shaadi ka season pressure of choosing the "best" suitor – you compare looks, dowry, and family lineage, all within the confines of society's expectations. But what if the whole concept of arranged marriage is flawed? You're stuck in the box, making a smart choice within a bad system. ...

The Essential Art of Customer-Centric Process Optimization & Automation

We share our experience and step by step guide towards customer centric process optimization and automation in this article. As this is our experience, the assumptions and outcome along with customer experience are taken into our entire process. Dataception being in the world of automation, for the past 7 years, we have been at the forefront of providing exceptional data driven services. Now our repertoire added with RPA “BRIM”, driven by a team of remarkable individuals who are passionate about solving complex problems, saving cost and overcoming security difficulties. In the fast-paced world of modern business, the quest for excellence through process optimization and automation has never been more pronounced. However, a misstep often taken is leaping into automation without carefully listening to the customer's needs. In this technical blog, we'll unravel the criticality of customer needs assessment in process optimization and automation, outline the key points to consider ...

Dataception

Search This Blog