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why have a data strategy

It is mandatory to procure user consent prior to running these cookies on your website. It is an IT governance process that aims to create and implement a well-planned approach in managing an organization’s data assets. It is practical to justify having a data strategy initiative if you don’t have one. Other benefits of a data strategy: Our discussion led onto a wide range of topics and resulted in a white paper called “Why you cannot have an effective marketing strategy without a data strategy”. His writing has also appeared on Dice.com & Slashdot.com. This website uses cookies to improve your experience while you navigate through the website. A Typical Enterprise Data Strategy includes the following components: Now we’re ready to address why Data Architects are typically involved in creating and executing Enterprise Data Strategy. By the way, if you are in the job market, check out our job listings or if you want you can submit your resume here. A successful data strategy should have a clear plan on how to unleash the value of the data assets to serve business purposes. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Creating a Data Strategy, like a Business Strategy, is an art. If you don’t have a data strategy, different departments and individuals will solve data issues on their own. This definition helps to understand what Data Strategy is; so now we need to understand why most organizations need one. Introductory versions of all domain-level or specific sub-strategies, such as; Information/Data Governance, EDW, MDM, Content Management, Big Data etc. I believe that a comprehensive enterprise-wide Data Strategy can give significant competitive advantage in the marketplace. So, what is a Data Strategy? Would like to hear from you. We can argue about the exact semantics of this definition but the key points are the bold words. A Data Strategy is not merely the top level vision either, it can expand into critical data domains such as Business Intelligence and eventually represent a family of strategies. Without a Strategy, the organization will be forced to deal with myriad data-related initiatives that most likely are in progress by various business groups/departments. // ]]> Stephen Lahanas is the Vice President & IT Architect of Semantech Inc. His work is primarily focused on SOA, Data, Strategy, Cyber Security and Semantic Technology. Here are a few of the reasons why…. [CDATA[ So, we’ve taken for granted here that these are enterprise assets – what’s important is understanding how they ought to be used. The reality is that almost all large companies have data silos that contain inconsistent data and classifications. I am sure you consider your employees as assets and you have employee-focused strategy (attracting and retaining etc.). The preeminent market research firm Gartner states that “Information is an under-managed, under-utilized asset because it’s not a balance sheet asset.” It’s about time we gave data some respect and have a data-focused strategy. It’s about time we gave data some respect and have a data-focused strategy. A Data Strategy is often viewed as a technical exercise, but a modern and comprehensive Data Strategy addresses more than the data; it is a roadmap that defines People, Process, and Technology. Start with a Data Strategy Moving towards a more data-driven culture is certainly attainable, and it starts with a Data Strategy. Data Strategy The idea behind developing a data strategy is to make sure all data resources are positioned in such a way that they can be used, shared and moved easily and efficiently. Necessary cookies are absolutely essential for the website to function properly. The Data Strategy is the tool that allows for unification of Business and IT expectations for all enterprise data-related capabilities. eval(ez_write_tag([[300,250],'dataconomy_com-box-4','ezslot_6',105,'0','0']));There are in fact few other roles qualified to lead this type of an effort. Believe me, different business units within the company are not sitting around waiting for an enterprise Data Strategy if you don’t have one. On the other hand, Bernard Marr of Forbes in his Sept 2015 article ’20 mind boggling facts everyone must read’ mentioned that “Less than 0.5% of all data is ever analyzed and used, just imagine the potential here.”. It all depends on who is evangelizing it and how much political clout they have in the organization. What is Data Strategy? I define Data Strategy as a strategy that lays out a comprehensive vision across the enterprise and sets a foundation for the company to employ data-related or data-dependent capability. But opting out of some of these cookies may affect your browsing experience. So how does an enterprise get on with it if it’s not already there? Please feel free to comment. The Data Strategy provides the basis for all enterprise planning efforts connected to data-related capability. Do you have a data strategy to achieve better organizational analytics? This category only includes cookies that ensures basic functionalities and security features of the website. This inevitably leads to duplication of both data and data systems across the organization and thus makes it quite difficult to determine the ‘truth’ of one’s data and will also drive up costs. But getting a handle on data can be a huge challenge for organisations. I define Data Strategy as a strategy that lays out a comprehensive vision across the enterprise and sets a foundation for the company to employ data-related or data-dependent capability. Without a centralized vision and foundation, different parts of the enterprise will view data-related capabilities differently. What I meant by this question is should a company start this initiative at the corporate level or at a business unit level? In other words, having a data strategy ensures that data is managed and used as asset and not simply as a byproduct of the application. Spend too much time on getting a Data Strategy perfect, and risk an unhappy customer who should, but who does not, have access to critical functionality. why have a data strategy? Even though that is probably the simple, easy and the correct answer, I’d advise you to tie your Strategy to some major corporate initiative or business planning cycle. In my opinion, enterprise Data Strategy belongs at Chief Operating Officer (COO) level. Relying on gut instinct may have been acceptable once upon a time, but with such detailed insights now available it makes sense to lower your risks before committing to new plans. These initiatives may be some kind of Data Analytics, Business Intelligence, Master Data Management, Data Governance, Data Quality program, or Data warehouse. Take a reactionary approach and end up with a week-long company shutdown due to a ransomware infection or … This website uses cookies to improve your experience. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Please don’t hand off an enterprise-wide Data Strategy to your Chief Information Officer (CIO) and wash your hands off. Data management strategy is the process of planning or creating strategies/plans for handling the data created, stored, managed and processed by an organization. According to the IDG research I mentioned above, the top 3 problems that organizations expect data to solve problems are as follows. These factors have helped make data – what it is, where it comes from, how it is handled and secured and how it can be harnessed – a boardroom priority. I know I’ll get lot of flak for saying this but I’ll say this anyway. We can become blinded by the data we have to the realities not covered numerically. Data Architects are specialists within the larger field of IT Architecture, while some have wider architecture experience – others do nothing but work with data and data systems. You might call it a sneaky way to force the organization to face the music but it works. A Data Strategy is not a vague list of objectives without a clear guiding vision or path for actualization. What is data Strategy? We can argue about the exact semantics of this definition but the key points are the bold words. We also use third-party cookies that help us analyze and understand how you use this website. He has provided critical technical and leadership support in a number of industries including defense & government, telecommunications and education. Data Architects make good candidates for helping to craft Enterprise Data Strategy because they are typically charged with defining all existing and future data related systems capability. And worse yet, these businesses may be dealing with inaccurate, incomplete, or inconsistent data leading them to wrong business decisions. Each department, for example, may put raw data into … Follow @DataconomyMedia I am not saying that it can’t be done but based on my prior experience, it is easier to get it off the ground tying to some other business event / initiative. David Phillips explains why you should never, ever have a data strategy. There is no better place to define the metrics or service level expectations that should apply across the enterprise. Data Strategy Helps You Use Resources Efficiently. I’d like to use couple of statistics from IDG’s Enterprise 2016 Data & Analytics Research to start this article. It could even be tied to a merger and acquisition event. When we combine data-driven business strategy with data analytics, together, they become an essential competitive difference. I define Data Strategy as a strategy that lays out a comprehensive vision across the enterprise and sets a foundation for the company to employ data-related or data-dependent capability. Just to make sure we are all on the same page, let’s start with some fundamental questions. WHO in our organization should drive this Data Strategy? Without a comprehensive enterprise-wide Data Strategy, how can you expect to solve any of those problems mentioned above? A mission statement in relation to exploitation of data assets. A Data Strategy requires an understanding of the data needs inherent in the Business Strategy. Architects often also have a good deal of experience working directly with business stakeholders and thus help to ensure both business and IT … This includes clarifying t… But depending on the organization’s operating model i.e. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); It also represents the umbrella for all derived domain-specific strategies, such as Master Data Management, Business Intelligence, Big Data and so forth. WHEN should I start or have a Data Strategy? Copyright © 2020 by Digital Transformation for Professionals. Book Review: Data Management and Governance Services, 1,000 Artificial Intelligence Case Studies, Artificial Intelligence Primer and Glossary – FREE for you, IDG’s Enterprise 2016 Data & Analytics Research, Finding correlations across multiple disparate data sources. The Data Architect can typically dedicate their full attention to this task and have the full support of all necessary resources (including the CXO level personnel) to ensure that the necessary analysis, negotiation and planning goes into the Data Strategy so it can be relevant and ultimately successfully. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Data strategy is a plan designed to improve all the ways you acquire, store, manage, share, and use data. No, I am not being ambitious but being direct and blunt about it. This in turn resulted in a corporate wide Data Strategy initiation. If so, shouldn’t you treat data the same way? The more detailed and comprehensive it is, the better the chance that both sides will fully understand each other. In fact, the opposite can be true. It is therefore important that we are sourcing and processing data that is relevant to what we want to achieve (the age-old "GIGO" principle). Every company is talking about analytics, but only a handful have a simple data analytics strategy.

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