Developing a Perfect Enterprise Data Strategy
We all know the importance of data. But, sometimes, it can be a struggle to manage it, no matter how big or small your business is. That is why it is crucial to have an Enterprise Data Strategy.
What is Enterprise Data Strategy?
An Enterprise Data Strategy (EDS) is a roadmap used by a business to determine how their data will be collected, organized, and processed based on business priorities, company size and industry, data maturity level, and more.
5 Things to consider when developing an EDS Roadmap:
Asses your data maturity level:
There are four things to look for when you are trying to determine how data-driven your company is:
- Data-aware – Does your company has standardized its reporting system and is there an integration between your systems, data sources, and databases?
- Data proficient – There’s still a lack of trust in the data, specifically it’s quality. You may have invested in a data warehouse, but there are still some pieces missing.
- Data savvy – Your company is empowered to make business decisions from your data. However, there are still some irregularities to work out between business leaders and IT.
- Data-driven – IT and business are working closely together and are on the same page.
The size of your company:
The industry you are in and the size of your company are the key factors that will determine whether to take an offense or defense data strategy.
Every company needs a balance of offense and defense strategy. However, based on the industry, some lean more on one end of the spectrum.
For example, a healthcare organization or financial institution, likely deals with highly sensitive data. Hence, data privacy and security are paramount and thus will lean more toward a defense framework.
Your Data Architecture:
Ask yourself the following questions:
- Where will the data be stored?
- What type of data will you be collecting, and from what sources?
- How will the data be organized?
The goal here is to understand the structure of your data. If there is no understanding of the structure, you can not build a comprehensive plan on how to manage your data.
The relationship between BI and your team:
When it comes to data strategy, one of the most important steps is defining the teams involved in the process and setting expectations for BI.
The data analyst should be aware of the business logic that is specific to their team and the structure of the data that is being collected.
And BI, on the other hand, should be focusing on the data source and managing the platform to support the analyst.
Establish data governance:
Have a set of policies and regulations that declare how data will be collected and stored to ensure accuracy and quality.
The process for building an EDS will vary from one company to the next, as your data maturity level, industry, and company size all play a role in the steps you take. Hence, make sure to review your strategy every six months to a year.
If you are planning to begin your EDS journey, our experts can aid you in designing the perfect roadmap that will lead you to success. Click here to learn more about our services.