Winning with Data Strategy
The saying from many writings ‘data is the new oil” holds true as more companies are profiting through optimal use of their data. Data also can be crude as oil at the mined state. Data just as oil provides value with respect to how it is been collected, processed and accessed.
With the growth in technology, the use of big data has been made possible and many organizations are already optimizing profit through use of the accumulated data. Large organizations invest so well in data management for different applications and projects and can confidently say they are running smoothly with all their acquired data.
Most of these projects or application use similar stream of data but they access these data differently. The flow of data within the organization is yet to be synchronized into a shared platform.
This brings about the need for data strategy.
Data strategy is a comprehensive plan designed to integrate common methods, practices and processes an organization uses to acquire, store, manage, share and use data.
It establishes a road map that identifies achievable and measurable set of goals that will improve data access and sharing in both short and long term.
Data strategy brings about strong integration of data throughout the organization and easier access to all data available for use. The different teams, application developer etc will not have to process data separately as this leads to data inconsistency, rather they will have a shared access to data.
This does not imply a centralized database system. It implies that data is made accessible through a centralized platform. It allows shared access among the various departments that uses the data.
Data strategy encompasses identifying of data from various media, storing of data in a structured way that support easy and shared access, packaging data so it can be reused, providing unified consistent data view and establishing polices and mechanism for effective data usage.
Data strategy can be a leap for any organization experiencing hookups in it’s data management and for those with desire to build a strong data management system.