Without a centralized vision and foundation, different parts of the enterprise will view data-related capabilities differently. Just to make sure we are all on the same page, let’s start with some fundamental questions. But depending on the organization’s operating model i.e. What I meant by this question is should a company start this initiative at the corporate level or at a business unit level? In this age of big data it's easy to believe that we inevitably understand more and more of the world around us. His writing has also appeared on Dice.com & Slashdot.com. A good data strategy shouldn’t be created in isolation; it must be driven by your overall business strategy. It also represents the umbrella for all derived domain-specific strategies, such as Master Data Management, Business Intelligence, Big Data and so forth. When the people in your organization start to see data as a helpful tool instead of a competitor or even an enemy, you’re on your way to creating a data … But opting out of some of these cookies may affect your browsing experience. It requires a major effort to align data collection, creation and classification across organizational boundaries, and thus, data governance has become one of the core elements of an overall data management strategy. On a high level, data strategy entails creating a strategic plan to use data in an intelligent way to achieve business objectives. The Data Strategy provides the basis for all enterprise planning efforts connected to data-related capability. Either you won’t have answers to these questions or you will be answering them very inefficiently consuming lot of resources. Do you have a data strategy to achieve better organizational analytics? This in turn resulted in a corporate wide Data Strategy initiation. Data has become critical to achieving competitive advantage in business. The Data Strategy is the tool that allows for unification of Business and IT expectations for all enterprise data-related capabilities. Start with a Data Strategy Moving towards a more data-driven culture is certainly attainable, and it starts with a Data Strategy. WHEN should I start or have a Data Strategy? So it’s important to show employees how data has a positive impact on business, like decreasing expenses and taking some of the risk out of new ventures. This inevitably leads to duplication of both data and data systems across the organization and thus makes it quite difficult to determine the ‘truth’ of one’s data and will also drive up costs. [CDATA[ Unlike other approaches we’ve seen, ours requires companies to make considered trade-offs between “defensive” and “offensive” uses of data and between control and flexibility in its use… The Data Architect can typically dedicate their full attention to this task and have the full support of all necessary resources (including the CXO level personnel) to ensure that the necessary analysis, negotiation and planning goes into the Data Strategy so it can be relevant and ultimately successfully. That’s exactly what we shall do in this series of articles on data strategy starting with some basics. Signup today for FREE Digital Transformation Newsletter. I am sure you are expecting an answer like ‘NOW’. Creating a Data Strategy, like a Business Strategy, is an art. Book Review: Data Management and Governance Services, 1,000 Artificial Intelligence Case Studies, Artificial Intelligence Primer and Glossary – FREE for you, IDG’s Enterprise 2016 Data & Analytics Research, Finding correlations across multiple disparate data sources. Without it, … Data Natives 2020: Europe’s largest data science community launches digital platform for this year’s conference. I have nothing against CIOs but data is a corporate asset and not just an IT asset. Data Architects are specialists within the larger field of IT Architecture, while some have wider architecture experience – others do nothing but work with data and data systems. This part of this series addressed the 5 ‘W’s and I’ll tackle the ‘HOW’ part in the next part. A definition of what types of data or information needs to managed from an enterprise perspective (and yes this ought to be fairly specific). It could even be tied to a merger and acquisition event. This website uses cookies to improve your experience while you navigate through the website. Would like to hear from you. A good data strategy is not about what data is readily or potentially available – it’s about what your business wants to achieve, and how data can help you get there. We can argue about the exact semantics of this definition but the key points are the bold words. A Data Strategy is often viewed as a technical exercise, but a modern and comprehensive Data Strategy addresses more than the data; it is a roadmap that defines People, Process, and Technology. Make the Data Strategy incorporate some guiding principles to accomplish the data-driven vision, direct your company to select specific business goals, and be a starting point for data-driven planning across the company. With so much data to look at and so many tools to consider, however, it is easy to invest in the wrong platforms and capabilities. You also have the option to opt-out of these cookies. While CTO, CIO or CDO’s (Chief Data Officer) might quality to lead such a task, often times they are stretched too thin to focus on building the comprehensive Strategies necessary to make a real difference for the organization. A successful data strategy should have a clear plan on how to unleash the value of the data assets to serve business purposes. One of the most important tasks that a Data Architect is often asked to help with is the creation of an Enterprise Data Strategy. So, what is a Data Strategy? So how do you tap into this huge potential of data collection and analysis in enterprises? Believe me, different business units within the company are not sitting around waiting for an enterprise Data Strategy if you don’t have one. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Architects often also have a good deal of experience working directly with business stakeholders and thus help to ensure both business and IT perspectives are taken into consideration while crafting the Data Strategy. Ramesh Dontha is the Founder of Digital Transformation Pro, an award winning/bestselling author and podcast host. 4. Relying on gut instinct may have been acceptable once upon a time, but with such detailed insights now available it makes sense to lower your risks before committing to new plans. Initial or top level expectations for enterprise-wide service level metrics (for data systems and data quality). This is the best place to explain thoroughly how management of enterprise data can be leveraged to support organizational mission objectives or processes. We'll assume you're ok with this, but you can opt-out if you wish. I hope that CDO reports directly to CEO/COO. Therefore, if companies want to avoid drowning in data, they need to develop a smart strategy that focuses on the data they really need to achieve their goals. This website uses cookies to improve your experience. The preeminent market research firm Gartner states that “Information is an under-managed, under-utilized asset because it’s not a balance sheet asset.” It’s about time we gave data some respect and have a data-focused strategy. You might call it a sneaky way to force the organization to face the music but it works. They have transformed the way performance is delivered, and the way organizations do business. A determination in regards to roles (organizational) in terms of who owns what data or data systems. David Phillips explains why you should never, ever have a data strategy. And worse yet, these businesses may be dealing with inaccurate, incomplete, or inconsistent data leading them to wrong business decisions. Copyright © 2020 by Digital Transformation for Professionals. We can argue about the exact semantics of this definition but the key points are the bold words. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Spend too much time on getting a Data Strategy perfect, and risk an unhappy customer who should, but who does not, have access to critical functionality. Why? In other words, having a data strategy ensures that data is managed and used as asset and not simply as a byproduct of the application. Please don’t hand off an enterprise-wide Data Strategy to your Chief Information Officer (CIO) and wash your hands off. This question may be asked in multiple ways but the essence of this question is: Is it worth it? So how does an enterprise get on with it if it’s not already there? It provides a common set of goals and objectives across projects to ensure data is used both effectively and efficiently. It all depends on who is evangelizing it and how much political clout they have in the organization. In fact, the opposite can be true. We can become blinded by the data we have to the realities not covered numerically. Data Strategy The idea behind developing a data strategy is to make sure all data resources are positioned in such a way that they can be used, shared and moved easily and efficiently. A data strategy is a common reference of methods, services, architectures, usage patterns and procedures for acquiring, integrating, storing, securing, managing, monitoring, analyzing, consuming and operationalizing data. Let’s review what it isn’t first…. I know I’ll get lot of flak for saying this but I’ll say this anyway. When we combine data-driven business strategy with data analytics, together, they become an essential competitive difference. We can argue about the exact semantics of this definition but the key points are the bold words. If your organization has a Chief Data Officer (CDO), let him/her be the owner of this Data Strategy. A Typical Enterprise Data Strategy includes the following components: Now we’re ready to address why Data Architects are typically involved in creating and executing Enterprise Data Strategy. HOW should we go about with Data Strategy? Now we will attempt to define what an Enterprise Data Strategy really is: Enterprise Data Strategy is the comprehensive vision and actionable foundation for an organization’s ability to harness data-related or data-dependent capability. Data Architects make good candidates for helping to craft Enterprise Data Strategy because they are typically charged with defining all existing and future data related systems capability. Not sure if you belong to the camp that believes data is an asset to the organization but if you do, you must believe that data that your organization owns is a resource that has economic value and you expect it to provide future benefit just like any other asset. These factors have helped make data – what it is, where it comes from, how it is handled and secured and how it can be harnessed – a boardroom priority. Our framework addresses two key issues: It helps companies clarify the primary purpose of their data, and it guides them in strategic data management. I have seen instances where a business unit started Data Strategy which raised some uncomfortable questions for the corporate level entities. eval(ez_write_tag([[300,250],'dataconomy_com-box-4','ezslot_6',105,'0','0']));There are in fact few other roles qualified to lead this type of an effort. It could be some kind of Digital Transformation initiative, Business Reengineering, or even annual strategic planning. These cookies do not store any personal information. Follow @DataconomyMedia why have a data strategy? There is no better place to define the metrics or service level expectations that should apply across the enterprise. What is data Strategy? The reality is that almost all large companies have data silos that contain inconsistent data and classifications. // ]]> Stephen Lahanas is the Vice President & IT Architect of Semantech Inc. His work is primarily focused on SOA, Data, Strategy, Cyber Security and Semantic Technology. By the way, if you are in the job market, check out our job listings or if you want you can submit your resume here. Please feel free to comment. Data Strategy Helps You Use Resources Efficiently. It is, in effect, a checklist for developing a roadmap toward the digital transformation journey that companies are actively pursuing as part of their modernization efforts. Without a Strategy, the organization will be forced to deal with myriad data-related initiatives that most likely are in progress by various business groups/departments. Once you know how you want to use data, your next task is to turn that into a data strategy. I define Data Strategy as a strategy that lays out a comprehensive vision across the enterprise and sets a foundation for the company to employ data-related or data-dependent capability. According to the IDG research I mentioned above, the top 3 problems that organizations expect data to solve problems are as follows. It is a much steeper hill to climb to justify it just on its own and out of the blue. Twitter text analytics reveals COVID-19 vaccine hesitancy tweets have crazy traction, Empathy, creativity, and accelerated growth: the surprising results of a technology MBA program, How to choose the right data stack for your business, Europe’s largest data science community launches the digital network platform for this year’s conference, Three Trends in Data Science Jobs You Should Know, A Guide to Your Future Data Scientist Salary, Contact Trace Me If You Can: Muzzle Your Data To Ensure Compliance, Machine Learning to Mineral Tracking: The 4 Best Data Startups From CUBE Tech Fair 2018, The Next Tech Wave: Why Businesses Use Data Science Platforms, How Big Data Brought Ford Back from the Brink, A Data Strategy is not a list of generic principles or obvious statements (such as “Data is an Enterprise Asset”), A Data Strategy is not merely a laundry list of technology trends that might somehow influence the organization in coming years. how it is structured, in some cases it might be practical to start at some business unit. WHO in our organization should drive this Data Strategy? It is an IT governance process that aims to create and implement a well-planned approach in managing an organization’s data assets. A mission statement in relation to exploitation of data assets. A Data Strategy requires an understanding of the data needs inherent in the Business Strategy. You may currently spend £5000 to generate £7000 but with a data strategy you may be able to spend (say) just £3000 to generate that £7000. These cookies will be stored in your browser only with your consent. Data governance is the process of managing these datasets in terms of ownership, integrity, compliance, quality, content, and relationship with other datasets. I am not saying that it can’t be done but based on my prior experience, it is easier to get it off the ground tying to some other business event / initiative. This category only includes cookies that ensures basic functionalities and security features of the website. We have a quick, two question, quiz that we … Data management strategy is the process of planning or creating strategies/plans for handling the data created, stored, managed and processed by an organization. If  you are an employer, you can post your jobs here. In my opinion, enterprise Data Strategy belongs at Chief Operating Officer (COO) level. As per their research, 78% of enterprises agree that collection & analysis of big data has the potential to fundamentally change the way their company does business over the next 1 to 3 years. A data strategy helps by ensuring that data is managed and used like an asset. // Mercedes Sls Amg Price 2019, Mid Century Modern Interior Door Knobs, Aunt Fannie's Disinfect, Squaring Ryobi Miter Saw, Baldia Meaning In Hyderabad, Usb-c To Ethernet, Usb-c To Ethernet, Akok Akok Recruiting, Is It Better To Overexpose Or Underexpose Video, Huron Consulting Group Salary,