Data Strategy
A Data Strategy is an organizational technology strategy for organizational data.
- Context:
- It can be summarized in a Data Strategy Document.
- It can include a Data Governance Strategy (for data governance).
- It can include a Data Capabilities Stategy (for data capabilities).
- It can include a Metadata Strategy (for organizational metadata).
- …
- Example(s):
- Counter-Example(s):
- See: Business Model, Master Data Management, Data Migration, Data Integration, Data Quality, Data Architecture.
References
2021
- http://aqgill.blogspot.com/2021/09/how-to-define-information-or-data.html
- QUOTE: ... Information (including data) is an important strategic business asset. Thus, information assets should be managed and treated in the similar way as we manage other business assets. An actionable information strategy is required to for the effective handling of information across the enterprise, irrespective of their size, for achieving the business goals and reducing risk including compliance to regulatory requirements and standards. ...
2021
- https://www.cc-cdq.ch/data-strategy
- QUOTE:
- "A data strategy is [...] "a central, integrated concept that articulates how data will enable and inspire business strategy." (MIT CISR Data Board 2018)
- "A data strategy should include business plans to use information to competitive advantage and support enterprise goals. Data strategy must come from an understanding of the data needs inherent in the business strategy: what data the organization needs, how it will get the data, how it will manage it and ensure its reliability over time, and how it will utilize it." (DAMA 2017)
- "A coherent strategy for organizing, governing, analyzing, and deploying an organization’s information assets that can be applied across industries and levels of data maturity." (DalleMule und Davenport, 2018)
- QUOTE:
2015
- https://www.sas.com/content/dam/SAS/en_us/doc/whitepaper1/5-essential-components-of-data-strategy-108109.pdf.
- QUOTE: While most companies have multiple data management initiatives underway (metadata, master data management, data governance, data migration, modernization, data integration, data quality, etc.), most efforts are focused on point solutions that address specific project or organizational needs. A data strategy establishes a road map for aligning these activities across each data management discipline in such a way that they complement and build on one another to deliver greater benefits.
Historically, IT organizations have defined data strategy with a focus on storage. They’ve built comprehensive plans for sizing and managing their platforms and they’ve developed sophisticated methods for handling data retention. While this is certainly important, it actually addresses the tactical aspects of content storage – it’s not planning for how to improve all of the ways you acquire, store, manage, share and use data.
A data strategy must address data storage, but it must also take into account the way data is identified, accessed, shared, understood and used. To be successful, a data strategy has to include each of the different disciplines within data management. Only then will it address all of the issues related to making data accessible and usable so that it can support today’s multitude of processing and decision-making activities.
There are five core components of a data strategy that work together as building blocks to comprehensively support data management across an organization: identify, store, provision, integrate and govern.
- QUOTE: While most companies have multiple data management initiatives underway (metadata, master data management, data governance, data migration, modernization, data integration, data quality, etc.), most efforts are focused on point solutions that address specific project or organizational needs. A data strategy establishes a road map for aligning these activities across each data management discipline in such a way that they complement and build on one another to deliver greater benefits.
2014
- http://dataconomy.com/2014/11/why-organizations-need-a-data-strategy/
- QUOTE: Enterprise Data Strategy is the comprehensive vision and actionable foundation for an organization’s ability to harness data-related or data-dependent capability. It also represents the umbrella for all derived domain-specific strategies, such as Master Data Management, Business Intelligence, Big Data and so forth.
The Enterprise Data Strategy is:
- Actionable
- Relevant (e.g. contextual to the organization, not generic)
- Evolutionary (e.g. it is expected to change on a regular basis)
- Connected / Integrated – with everything that comes after it or from it
- QUOTE: Enterprise Data Strategy is the comprehensive vision and actionable foundation for an organization’s ability to harness data-related or data-dependent capability. It also represents the umbrella for all derived domain-specific strategies, such as Master Data Management, Business Intelligence, Big Data and so forth.