Dataception

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 ...

While data-driven digital platforms and the recent pandemic have opened new and novel opportunities for businesses to go beyond geographical borders and compete in truly global business environments, an average business faces tremendous pressure to demonstrate the value of their operations. With the rising importance of data as the new oil of a global business environment, data analytics strategy has become a core component of most business operations.  Indeed, according to data industry expert and thought leader Bernard Marr, the International Institute for Analytics predicted that “by 2040, businesses using data would see $40 trillion in productivity benefits over competitors who are not using data.”  However, many businesses still do not have a cohesive strategy for implementing data analytics in their organizations. The effectiveness of enterprise data analytics functions can be measured via “outcomes,” for which businesses need to develop a plan known as a data analytics ...