Setting the Data Strategy

We have data if we have a product, but we need more than data to optimize and improve our product. Having a data strategy enables us to turn data into value. Our data strategy comprises the tools, methods, and rules that tell us how to handle, analyze, and use data. A data strategy enables us to make data-driven decisions. It also assists us in keeping our data secure and compliant.

Almost every organization collects data in different ways, and a data strategy helps a company manage and evaluate all of this data. It also puts a company in an excellent position to deal with problems, including these issues:

• Without the capture and analysis of appropriate data, we can’t support operational decision-making, and this results in slow and inefficient product operations.

• Data privacy, integrity, and quality can limit our capacity to evaluate data.

• An inadequate grasp of essential business components (clients, supply chain, competitive landscape, and so on) and the processes that keep them running.

• A lack of clarity on present business needs (a problem that descriptive analytics can assist in resolving) and goals (which predictive and prescriptive analytics can help identify).

• Inefficient data flow between business units or duplication by various business divisions can cause misalignment among business units.

In short, a company that doesn’t have a data strategy isn’t likely to work well and make money, let alone be able to grow. Setting up a data strategy can be difficult, and we may need more data points to make a complete strategy.