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

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