Data Strategy Frameworks that you should be familiar with
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.
What is a Data Strategy?
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.
Why do you need a Data Strategy Framework?
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.
Data Strategy Frameworks components that you should be familiar with.
A data strategy framework is usually custom made according to your organisations goals and objectives. But there are some key components that you should keep in mind while building your analytics strategy framework.
- The first thing you need to do to build an effective data strategy framework is to clearly state what goals you are trying to achieve and how they align with your company’s goals. You should also specify your KPI’s and who owns the strategy. Usually, this is your data chief, who is responsible for tracking everything and making sure it is according to data laws.
- Next you need to assign someone to own each tool that you are going to be using in your strategy so that if someone has a doubt related to a particular tool, they know who to ask.
- An especially vital key component is to prepare a proper Data Governance strategy and framework. This helps in managing the policies, processes, culture, and people around your data. If this is not done properly, it could negatively affect your whole strategy.
- Another component you should have is a tracking plan standardized across all your products. This will help you to avoid duplicity and it will also help in knowing what events you are tracking, where they’ll be tracked, and the reason for tracking them.
- Next step in your framework would be to categorize how you collect, develop, and store your data. You should make a detailed list stating every tool you use for the processes mentioned above. While you might end up with numerous tools for how you collect and develop your data, you should only have One tool for Storage and that is your Data Warehouse.
- At this point in your framework, you are ready to start analyzing your data, but before that, make sure you list all the tools you will be using to do the same. This will help you familiarize yourself with all your tools to know how to best use the data you have.
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 that needs to be worked on before moving forward with your strategy.