Data strategy best practices

Here are key best practices to create and execute a value-driven data strategy. Let’s review each one.

Best practice 1

Create a clear and comprehensive data strategy.

A data strategy must align with the business goals and overall framework of how data will be used and managed within an organization. It needs to include standards for how data will be discovered, integrated, accessed, shared, and protected. It needs to address how data will meet regulatory compliance policies, Master Data Management, and data democratization. There needs to be an assurance that both data and metadata have a quality control framework in place to achieve data trust. A data strategy needs to have a clear path on how an organization will accomplish data monetization.

A data strategy is a living document that needs to be continuously updated to align with business goals. It should have a clear maintenance process with frequent reviews and identification of authors...