What is a data strategy?
A data strategy can be seen as the compass that directs an organization’s use, management, and protection of its data. It is a holistic plan that not only determines how data will be handled but also how it will be strategically employed to meet business goals.
A data strategy is not just about managing data, but also about leveraging it as a strategic asset to generate insights, drive decision-making, and create value for the organization. In essence, it ensures that data is reliable, accessible, secure, and used effectively to support the organization’s goals.
There are three elements involved when defining a data strategy, as depicted in Figure 4.1:
Figure 4.1 – Three considerations for your data strategy
Let’s discuss these three considerations in detail:
