What is Data Strategy?

data strategyData 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:

 

Photo Credit: docstockmedia/Shutterstock.com

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