- Ensuring the integrity and effective use of data in a business environment where there is increasing availability of data and tools for analyzing it.
- It is a reasonable expectation that simple and complex questions get answers in a realistic timeframe.
- This would be easier and better achieved with a data strategy.
What is data strategy?
- A plan to help set direction to data and how the organization will use it in direct support of their organizational strategy.
- An intentional action plan to capture, integrate and use data to advance the organization’s mission and goals.
7 key elements fo an effective data strategy:
- Data Acquisition
- Data Governance
- Data Quality
- Data Access
- Data Literacy and usage
- Data Extraction and reporting
- Data Analytics
Value of a data strategy?
- A data strategy facilitates the integration of data collection and analysis elements throughout the entire organization into one unified plan and set of goals.
- It also allows the different functional business units the flexibility to develop their own data and analysis goals while aligning with those of the organization.
- A good data strategy is determined by what data is needed to support what the business wants to achieve.
Why On-going monitoring?
- An effective data strategy will periodically analyze whether more streamlined or otherwise refocused data reporting would lead to more and better actionable information for decision making.
How will a data strategy help?
- A Data Strategy Review, will look at your ‘AS IS’ state of your Data Strategy and facilitate a discussion on your preferred ‘TO BE’ state and help you develop and execute a plan to close the gap.
If you don’t have a Data Strategy today, we will work with you to develop and execute one!