Defining a Data Strategy: An essential component of your digital transformation journey
All organisations engage with, operate on and leverage data every day across a variety of business functions. Those organisations that take a holistic approach to adopting an enterprise-grade data strategy are able to optimize their technology investments and lower their costs.
Organizations that want a smooth transition to becoming data driven need a plan for advancing their digital transformation journey and treating data as a corporate asset. Creating a data strategy is the first step toward defining and enabling such a plan.
The Data Strategy Vision
All organisations make decisions about how they engage with, operate on and leverage their data — whether at an enterprise or project level. Companies that form a holistic point of view in adopting an enterprise-grade data strategy are well positioned to optimize their technology investments and lower their costs. Such a strategy treats data as an asset from which valuable insights can be derived. These insights can be used to gain a competitive advantage by being integrated into business operations.
Organizations that want a smooth transition to becoming data driven — aligning operational decisions to the systematic (and automatic as much as possible) interpretation of data — need a plan for advancing their digital transformation journey and treating data as a corporate asset. Creating a data strategy is the first step toward enabling such a plan and increasing the organisation’s Analytics IQ. This term refers to an organisation’s ability to deploy advanced analytics at every point of interaction — human as well as machine — to continuously improve decision-making quality and accuracy.
A data strategy ensures that all data initiatives follow a common method and structure that is repeatable. This uniformity enables efficient communication throughout the enterprise for rationalizing and defining all solution designs that leverage data in some manner.
Many organisations fail to prioritize defining a data strategy on the grounds that it’s either a case of “boiling the ocean” or else an “infinity project” that will deliver little value. In both cases, they’re incorrect. Creating a data strategy is both achievable and valuable. It’s also an essential component of any organisation’s digital transformation journey.
Companies that embrace the constructs of a data strategy often define dedicated roles to own these strategies and policies. This ranges from augmenting executive staff and IT staff with roles such as chief data officer and chief data strategist, respectively, to expanding the responsibilities of traditional enterprise data architects.
As automation, machine learning, and cloud rise to the forefront, it is critical to implement the right data quality tools and a comprehensive strategy that delivers results in a timely manner. Smartek21 offers a wide variety of data management services, including: