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Digital Transformation: A Historical Perspective
All Organisations have massive data sets which they need to work on. But the data that they have will not organize, optimize, and become effective on its own. Here is where an efficient Data Strategy comes into play.
But the problem with Data Strategies is that they are very complex. They have a lot of moving features that are difficult to keep track of. This is where having a proper Data Strategy Framework will help your organization make the best of all that data available.
Data strategy in simple words, can be defined as a Roadmap that allows you to make important business decisions. It is a set of decisions that your company will make, which will help your organisation achieve the goals and objectives set around its vision and mission statements.
If you want your company to have a fluid transition into becoming an information hub, you need a plan for improving your digital transformation journey. For which creating a Data Management strategy framework is the first step.
With such massive amounts of data that your company has, it is quite common for many it to go unused. This means that organisations are letting a lot of data get wasted. If you can reduce the amount of data that goes to waste, you can improve you company’s efficiency by a lot.
But reducing this is a highly challenging task because organisations are not deliberately or knowingly letting so much data get wasted. It’s just that with such huge amounts of data, there are bound to be some cracks through which data can escape.
Therefore, having a proper data driven strategy framework will help your organisation reduce the percentage of data that goes to waste.
A data strategy framework is usually custom made according to your organisations goals and objectives. Here are some key points you should consider while answering how to build a data strategy:
If you incorporate all these key components in your strategy and customise them to fulfill your organisations goals and objectives, you will have your own data strategy framework.
An organised framework is key, therefore if you don’t have a proper data strategy framework it can negatively affect your company. A framework will help you to recognise your shortcomings in key areas also help you build an effective data curation process that needs to be worked on before moving forward with your strategy.