What are the key principle of Data Strategy ?

Data Governance for us is all about how do you drive trust in the data, in the numbers, in the insight, in the output that algorithms give, so that people believe in what they’re looking at and believe what they’re seeing.


Delivering transformational change through data, and that first step is by creating a Data Strategy. So interestingly, Data Strategy isn’t just about data Now, you might think of things like data management and data governance and moving data around which are really important components but actually, a Data Strategy for us is about a framework that allows you to generate business value through the application of data and analytics.

Hence, that covers a whole bunch of things across an organization, and I would like to explain here to you about six major principles that make up the foundational building blocks of a solid Data Strategy.

1.Vision and Value

Vision and Value basic principle of the Data Strategy is all about aligning your data initiatives, and programs, work and efforts, around a business outcome that aligns itself to the business strategy.

2.People and Skills

People and Skills, and regardless of the size of your organization there are a set of capabilities that are needed, in order to technically sort the data from a business perspective, get the most value out of it and ensure that you drive business change.

Now, here you have to think about who is going to take ultimate responsibility for the Data Strategy within your organization lots of people are opting for a Chief Data Officer (CDO) in this space that Chief Data Officer needs to put a team made up of business engagement, solution delivery, and governance to ensure that you can maximize those opportunities that you want to go after.

 

3.Opertaing Model

The third principle is all about how you organize those people and skills in the right way that will maximize those opportunities that you’re trying to go after. And this is about, do you put those people centrally in one team? Do you distribute those people across your organization? Do you have some sort of hybrid where you have central capabilities and best practices but local subject matter expertise? In this layer, you also need to think about the Operating Model and this is how you will work this is the methodologies that you will use, This is the thinking that needs to go into how you will operate in order to be agile, responsive, proactive and iterative, innovative, with your data efforts.

4.Data Governance

Fourth foundation is Data Governance. Data Governance for us is all about how do you drive trust in the data in the numbers, in the insight, in the output that algorithms give, so that people believe in what they’re looking at and believe what they’re seeing.

5.Technology and Architecture

The fifth principle is about Technology and Architecture. Technology is about choosing the right tools and architecture is about designing. How you knit those tools together and the architecture that you put and the applications that you build in those technologies.

1.We need to think about how you get data into your organization.

2.We need to think about how you manage, and govern, and look after that data.

3.We need to think about how you visualize and get insight from that data.

4.We need to think about how you build models, algorithms, machine learning engines that deliver real high-value outputs for you.

we need to think about how we provision and push that data, potentially to other systems, to other companies, to other parts of the business, so that they can receive that data and do something with it.

6.Roadmap

The final principle is the Roadmap, and the Roadmap is about laying out a plan for all the other foundations that I have explained in a time horizon so that you have a framework that you can manage, facilitate, and communicate how we’re going to make all of this business change.

What’s Your Data Strategy?

How to manage data governance: What’s your data strategy?

This becomes a fundamental tool to help explain to the organization, and help you judge yourself, and test yourself, and score yourself, about how you’re performing, in terms of implementing and executing your Data Strategy.

The Six foundations of a good Data Strategy that provide you with a framework that helps you articulate how you’ll deliver business value, through the application of data and analytics.


About the Author

Syed Sarfaraz has over 17+ years of experience in multiple BI Analytical tools, Software Development. In various projects, he has successfully implemented BI Solution for clients. He also contributes articles for digital-ranking.com. He focuses on solutions that merge current technologies, applications, and concepts together to help each client meet their goals with success.

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