A Data Strategy describes a “set of choices and decisions that together, chart a high-level course of action to achieve high-level goals.” This includes business plans to use information to a competitive advantage and support enterprise goals (DAMA).
Data Strategy is often the starting point for the formal implementation of Data related programs. Many companies struggle to get a Data Strategy that is supportive to the business strategy and on other hand practical enough to generate value for the company.
Why do you need a Data Strategy?
Some examples why you should invest in a Data Strategy:
- Make use of all data that is available within your business
- Make data-driven business decisions
- Understand what drives your customers and what their journeys look like
- Deliver products and services that fit the needs of customers better
- Get more insights in your value chain
- Improve processes
- Stay compliant with data protection regulations (like GDPR)
- Comply to Global Data Standards
All these examples can serve as a starting point or use case to show the real value of implenting your Data Strategy. Want to know more about your Data Strategy? Please contact us!