A Data Strategy is primarily a plan designed to convert data into assets that enable a company to achieve its strategic objectives.
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
- Ger 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 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!