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