Data Strategy describes a “set of choices and decisions that together, chart a high-level course of action to achieve high-level goals.” This includes business plans to use information to a competitive advantage and support enterprise goals.
A Data Strategy requires an understanding of the data needs inherent in the Business Strategy. According to Donna Burbank, it:
“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 Definitions of Data Strategy Include:
- “Aligns and prioritizes data and analytics activities with key organizational priorities, goals and objectives.” (Micheline Casey, 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.” (DalleMule and Davenport, Harvard Business Review)
- “Concepts of standards, collaboration and reuse applied to data to support improved accuracy, access, sharing and reuse.” (SAS)
- “Intentional action & prioritization plan to: (Braden J. Hosch, Stony Brook University)
- Harness and integrate data
- Create and disseminate information/intelligence
- Advance a business mission “
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.
- To develop a sustainable competitive advantage given the volume, depth and accessibility of digital data.
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