While organizations may have different approach in going about building their Data Management Strategy, they are united in a common objective – unlock the value in data to achieve desired business outcome. But how do you go about it? Problem is no more limited to data collection, there are several tools available to help you with the same. In fact companies today are flooded with large volumes of data from both internal / external sources. So how do you find meaningful information from this data deluge and create actionable wisdom. This is where having a right Data Management Strategy is of paramount importance.
Based on our teams extensive experience managing Data initiatives across several organizations, we have identified following steps to start building an effective strategy
This is fundamental building block of any effective strategy. You need to clearly define your business objectives, else you may spend resources and time collecting and analyzing wrong data. You may want to start by asking some of these questions?
Key stakeholders within an organization need to clearly identify your near term and long term business objectives
Which business units can help with providing data to meet these objectives
Finally what information and insights you plan to extract from this data which will help you build your ‘data-to-decision’ strategy
Next building block of the strategy is to enable different data owners to understand the broad vision and help them with the skills and knowledge to manage data. This is no more a function of technology team, rather different business units need to start playing their part in the initiative. Hence its very important to build a Data Driven culture where everyone understands their role in the overall Data journey of the organization
Next step is to establish right Data Governance framework which will help ensure that organization will have the right policies and procedures to manage data. It starts with setting up right processes to collect, prepare, analyze and consume data.
You may need to start tackling some of the issues like Data Quality, Single Source of Truth, Taxonomy, Data Security and Privacy.
Data Governance will ensure that every employee of the organization clearly understand policies and procedures around usage of data and ensure that data is used consistently across different business functions.
Once you have planned and finalized your strategy, its important to find the right tool to execute your plan. There are several tools available with their own share of strengths (and some weaknesses). Hence its very important to partner with right platform to embark on your data journey. At Data insights we have experience working with several industry leaders and have been helping out customers to identify the right platform for their needs.
Once you have planned and finalized your strategy, its important to find the right tool to execute your plan. There are several tools available with their own share of strengths (and some weaknesses). Hence its very important to partner with right platform to embark on your data journey. At Data insights we have experience working with several industry leaders and have been helping out customers to identify the right platform for their needs.