What’s In Your Data Strategy?

What’s In Your Data Strategy?

What’s In Your Data Strategy?

Given that data is a corporate business asset that, like other assets, requires investment, innovation and maintenance to enable business capabilities, and resolve complex business problems. It is fundamental for data leaders to position their organization to address critical data related challenges, and optimize the organization to do business through a clear guiding vision, set of priorities, approach, roadmap and clear execution timelines. It is important that data visionaries have a data strategy that engages all employees.

1. A comprehensive formal data strategy should be driven by the issues causing organizational challenges, financial loss, missed revenue opportunities, inability to meet regulatory needs, fractured enterprise risk management, or inadequate knowledge creation and enterprise reporting. It is not practical to solve these challenges in their entirety using a data ecosystem but, the strategy should provide clear details on what extent it would solve these issues vs it how it would act as an enabler. In addition, it is important to reflect on what other core business processes and models need to be changed to gain the maximum benefits. I suggest developing detailed prioritization, phasing and identify a list of quick wins for each priority. However, focus should be on the specific highest priority to build a data foundation that can be extended and matured for other priorities. It is best for the strategy to avoid lists of generic data principles and blanket objectives which may cause uncertainty in the minds of executive leadership, and it may not connect unless the strategy talks about real issues. Also, the strategy should have clear guiding visions and operating models, and should look at the following elements: 

Read Also:
How Nonprofits Can Benefit From Big Data

a. Does it discuss data policies, standards, and procedures with an ownership framework?

b.

 



Chief Analytics Officer Spring 2017

2
May
2017
Chief Analytics Officer Spring 2017

15% off with code MP15

Read Also:
It's Not Clairvoyance, It's Data Science

Big Data and Analytics for Healthcare Philadelphia

17
May
2017
Big Data and Analytics for Healthcare Philadelphia

$200 off with code DATA200

Read Also:
How Nonprofits Can Benefit From Big Data

SMX London

23
May
2017
SMX London

10% off with code 7WDATASMX

Read Also:
Analytics Advice from Top Bank Data Officers

Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
Algorithm Patents Increased 30x The Past Fifteen Years

AI Paris

6
Jun
2017
AI Paris

20% off with code AIP17-7WDATA-20

Read Also:
New trends and troubles for AI in medicine

Leave a Reply

Your email address will not be published. Required fields are marked *