What is Data Strategy

Data Strategy

Definition:

A company’s data strategy can be defined as the plan or roadmap that serves to consider what to do with a company’s data and facilitate its access, share and manage its content. All this information must be structured and identified, establishing names and descriptions in the elements, defining the type of content and including metadata if necessary. It is also advisable to add the tools that may be needed and the methods that allow the collection, publication and management of the data and its content, as well as the technical and market details where they are located.

What is the data strategy for?

Without a data strategy, it is impossible to manage all the tools and capabilities to create, manipulate, and access the data a company provides. A data strategy can be seen as a guide to survival in the information age.

 

The importance of data strategy

Like other core assets of the company, such as financial or real estate, data must be controlled based on a strategy. A data strategy is a strategic plan to effectively handle all the data of a company that explains in detail the business policies, procedures, roles and responsibilities for the standardization of this data, the ratification of its business rules, the control of data redundancy, the management of its master data, the structured integration with unstructured data, the analytical process, the storage and use of your data, and also the protection of all this data.

Many companies engage in data warehousing, business intelligence, customer relationship management, master data management, and other new technology initiatives without the framework of a data strategy. In the end, they discover that the state of the data they possess, in many cases, in the end is worse than when their collection began. Having a digital strategy agency that coordinates a data strategy is an essential and fundamental building element for all IT initiatives, regardless of whether they are operational or decision support initiatives.

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