What Is a Data Strategy and Why Is It Important

A data strategy is a comprehensive plan to use data to drive business decisions.

You can use it to monetize data to achieve your business goals.

Data strategy has four components:

Story — it tells the goals of your business and how data enables it to succeed.

This includes the vision, goals, and what success looks like.

Processes — it shows the processes needed to use the data to accomplish the goals.

This includes the key roles and responsibilities and the deliverables to be achieved.

Transformation — it shows how the business will change to implement the processes.

This includes the data requirements, data architecture, and methodology to be used. 

Culture — it shows the values the company holds with regards to data and its usage.

This includes the organization structure, training, and practices to be used.

Data strategy is important for aligning the organization to include data into the process.

It creates new products for the company and additional revenue streams.

It requires a fundamental change to the business to incorporate it. 

 

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