This in turn resulted in a corporate wide Data Strategy initiation. Please don’t hand off an enterprise-wide Data Strategy to your Chief Information Officer (CIO) and wash your hands off. In this age of big data it's easy to believe that we inevitably understand more and more of the world around us. 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. You also have the option to opt-out of these cookies. 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. A good data strategy shouldn’t be created in isolation; it must be driven by your overall business strategy. He has provided critical technical and leadership support in a number of industries including defense & government, telecommunications and education. Data strategy is a plan designed to improve all the ways you acquire, store, manage, share, and use data. 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. What I meant by this question is should a company start this initiative at the corporate level or at a business unit level? Data Natives 2020: Europe’s largest data science community launches digital platform for this year’s conference. I have seen instances where a business unit started Data Strategy which raised some uncomfortable questions for the corporate level entities. If so, shouldn’t you treat data the same way? A Data Strategy requires an understanding of the data needs inherent in the Business Strategy. 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. HOW should we go about with Data Strategy? Data governance is the process of managing these datasets in terms of ownership, integrity, compliance, quality, content, and relationship with other datasets. We can argue about the exact semantics of this definition but the key points are the bold words. 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. Architects often also have a good deal of experience working directly with business stakeholders and thus help to ensure both business and IT … It is, in effect, a checklist for developing a roadmap toward the digital transformation journey that companies are actively pursuing as part of their modernization efforts. Based on the thesis of my article so far, the answer obviously is at the corporate level. When we combine data-driven business strategy with data analytics, together, they become an essential competitive difference. We'll assume you're ok with this, but you can opt-out if you wish. 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. The more detailed and comprehensive it is, the better the chance that both sides will fully understand each other. Without it, … No, I am not being ambitious but being direct and blunt about it. Make the Data Strategy incorporate some guiding principles to accomplish the data-driven vision, direct your company to select specific business goals, and be a starting point for data-driven planning across the company. We can argue about the exact semantics of this definition but the key points are the bold words. If your organization has a Chief Data Officer (CDO), let him/her be the owner of this 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. Let’s review what it isn’t first…. You may currently spend £5000 to generate £7000 but with a data strategy you may be able to spend (say) just £3000 to generate that £7000. Ramesh Dontha is the Founder of Digital Transformation Pro, an award winning/bestselling author and podcast host. Initial or top level expectations for enterprise-wide service level metrics (for data systems and data quality). Unlike other approaches we’ve seen, ours requires companies to make considered trade-offs between “defensive” and “offensive” uses of data and between control and flexibility in its use… But getting a handle on data can be a huge challenge for organisations. 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 other words, having a data strategy ensures that data is managed and used as asset and not simply as a byproduct of the application. We have a quick, two question, quiz that we … This question may be asked in multiple ways but the essence of this question is: Is it worth it? Data can be disruptive. Data has become critical to achieving competitive advantage in business. 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. Copyright © Dataconomy Media GmbH, All Rights Reserved. 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 is a much steeper hill to climb to justify it just on its own and out of the blue. Why? These cookies do not store any personal information. Now we will attempt to define what an Enterprise Data Strategy really is: Enterprise Data Strategy is the comprehensive vision and actionable foundation for an organization’s ability to harness data-related or data-dependent capability. A determination in regards to roles (organizational) in terms of who owns what data or data systems. Not that long ago, for nearly all businesses, data was a byproduct of the business processes. I believe that a comprehensive enterprise-wide Data Strategy can give significant competitive advantage in the marketplace. We also use third-party cookies that help us analyze and understand how you use this website. My broad guidance is to make it actionable for your specific organization and industry and somewhat evolutionary to adjust to disruptive market forces. A good data strategy is not about what data is readily or potentially available – it’s about what your business wants to achieve, and how data can help you get there. WHEN should I start or have a Data Strategy? They have transformed the way performance is delivered, and the way organizations do business. When the people in your organization start to see data as a helpful tool instead of a competitor or even an enemy, you’re on your way to creating a data … So, what is a Data Strategy? That’s exactly what we shall do in this series of articles on data strategy starting with some basics. Follow @DataconomyMedia Twitter text analytics reveals COVID-19 vaccine hesitancy tweets have crazy traction, Empathy, creativity, and accelerated growth: the surprising results of a technology MBA program, How to choose the right data stack for your business, Europe’s largest data science community launches the digital network platform for this year’s conference, Three Trends in Data Science Jobs You Should Know, A Guide to Your Future Data Scientist Salary, Contact Trace Me If You Can: Muzzle Your Data To Ensure Compliance, Machine Learning to Mineral Tracking: The 4 Best Data Startups From CUBE Tech Fair 2018, The Next Tech Wave: Why Businesses Use Data Science Platforms, How Big Data Brought Ford Back from the Brink, A Data Strategy is not a list of generic principles or obvious statements (such as “Data is an Enterprise Asset”), A Data Strategy is not merely a laundry list of technology trends that might somehow influence the organization in coming years. Necessary cookies are absolutely essential for the website to function properly. 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). Data Analytics and Big Data are at the pinnacle of any corporate agenda. 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. 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. Ramesh can either be reached on LinkedIn or Twitter (@rkdontha1) or via email: rkdontha AT DigitalTransformationPro.com. 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. 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. We can become blinded by the data we have to the realities not covered numerically. Either you won’t have answers to these questions or you will be answering them very inefficiently consuming lot of resources. It could even be tied to a merger and acquisition event. Data Strategy Helps You Use Resources Efficiently. A mission statement in relation to exploitation of data assets. The reality is that almost all large companies have data silos that contain inconsistent data and classifications. Not sure if you belong to the camp that believes data is an asset to the organization but if you do, you must believe that data that your organization owns is a resource that has economic value and you expect it to provide future benefit just like any other asset. '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'); We'll assume you're ok with this, but you can opt-out if you wish. One of the most important tasks that a Data Architect is often asked to help with is the creation of an Enterprise Data Strategy. It is an IT governance process that aims to create and implement a well-planned approach in managing an organization’s data assets. Therefore, if companies want to avoid drowning in data, they need to develop a smart strategy that focuses on the data they really need to achieve their goals. why have a data strategy? These initiatives may be some kind of Data Analytics, Business Intelligence, Master Data Management, Data Governance, Data Quality program, or Data warehouse. Introductory versions of all domain-level or specific sub-strategies, such as; Information/Data Governance, EDW, MDM, Content Management, Big Data etc. This category only includes cookies that ensures basic functionalities and security features of the website. The Data Strategy provides the basis for all enterprise planning efforts connected to data-related capability. What is data Strategy? It’s about time we gave data some respect and have a data-focused strategy. The Data Strategy is the tool that allows for unification of Business and IT expectations for all enterprise data-related capabilities. A data strategy is a common reference of methods, services, architectures, usage patterns and procedures for acquiring, integrating, storing, securing, managing, monitoring, analyzing, consuming and operationalizing data. Creating a Data Strategy, like a Business Strategy, is an art. So how does an enterprise get on with it if it’s not already there? Copyright © 2020 by Digital Transformation for Professionals. Having a chief data officer and a data-management function is a start, but neither can be effective in the absence of a coherent strategy for organizing, governing, analyzing, and deploying data. I know I’ll get lot of flak for saying this but I’ll say this anyway. 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. 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.

why have a data strategy

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why have a data strategy 2020