Today, the value of data is not unknown. Data no longer just a byproduct of business activities. Rather, most of the organizations have understood that data is valuable. Knowledge Discovery in Databases was discussed to point towards unlocking the value of data. Some of the organizations may not know how to properly collect data or convert into a useful form, or a few steps ahead – to derive insights from the data. A correct data strategy works as a guideline for a specific organization carry out these properly and consistently. A data strategy is a plan of how a company will collect, store, and use data. Acquiring good data with a proper goal is a business decision. Even after long-term investments in data management, various data problems may continue to grow inside an organization. The reason behind such may be the fact that data often not treated as an asset.
Most of the organizations have different options when it is about the ways to collect and store data, channel it to decision-makers, and take care of the take care of the personal information.
The processes related to the mentioned can be made efficient. Various organizations under question may reduce the risk by determining various matters, such as who can access and who can analyze the data. A well-prepared data strategy can align data with strategic business initiatives. These, in turn, may be generating business value from data. Data strategy is not an isolated matter but is inextricably linked to the business strategy of an organization. When an organization’s business strategy requires to be more customer-centric, then they need to identify the specific points of impact. Once there are starting and ending points, it will be possible to create a proper data strategy which may deliver an impact.
The organizations mature in terms of data over time across a dimensions like users, roles and skills. Most of the organizations improve around managing and using data after years of work. Then the focus moves to learning to extract insight and formulating effective actions.
It is often mandatory to incorporate certain data strategy principles into the plans which may help in pushing towards a correct direction and move the organization toward the original goals. A data strategy may cover these points :
- business reason
- guiding principles
- roles of the employees
- measurement of success
- short-term objectives
- long-term objectives