Developing an effective data strategy
A data strategy is integral to setting the data and analytics vision for an organization. It is typically developed, set, and advocated for by the CDO, and needs to be driven from the top down.
The data strategy needs to be one component of the broader organizational strategy – and there needs to be clear attachment points between each of the components, and into the broader organizational strategy. Organizational strategy is composed of four key sub-strategies:
- Business strategy
- Analytics strategy
- Data strategy
- Technology strategy
All these sub-strategies work together to achieve organizational goals.
It’s important to have relevant support and clarity for what’s within the scope of the data strategy and what is beyond it, so that everyone understands what the strategic outcomes are and the integral role they play in their accomplishment.