Enterprise Data Strategy usually provides a complete and comprehensive analysis, strategy, architecture, and roadmap of data for companies to take advantage of the data and utilize data for their growth. Generally, The Enterprise Data Strategy covers a wide range of business and data architecture including data management, data lifecycle management, master data management, data harmonization, various types of data tools and many more. A strong and robust enterprise data strategy must be practical, relevant and well-connected. It is true that creating an enterprise data strategy could be a daunting task for companies. It really needs a lot of commitment and an acknowledgement that data is most precious asset and hence, it should be managed and protected like any other assets.
Why Enterprise Data Strategy?
Setting priorities for managing data
The prime reason for adopting an enterprise data strategy is that it helps organizations to collect data from various data sources and applications, defining the role of executives and other persons who will be responsible for managing this data, leveraging it to support organizational goals objectives and processes.
Avoiding data duplication
If a company doesn’t have a centralized vision and foundation of data, different parts of the company will view data-related capabilities and possibilities differently. This may lead to the discrepancy, gap, duplication of data in various data systems across the company, making it difficult for the company to determine real-data while making data-driven decisions enhancing the costs. But enterprise data strategy can successfully solve these problems by storing data in a centralized device.
Enhancing data quality
Having a strong enterprise data strategy enables to demonstrate how to monitor and correct data, with tools to minimize discrepancies, redundancies or gaps in various data quality activities. Silicon Valley had organized a session called “ Ask Me Anything: Developing a Modern Enterprise Data Strategy”. Mr Kurth, one of the panelists of the session told that you need to select a tool that completely satisfies your current and future business needs.
Data governance is basically a business-driven program which creates various sustainable processes around an enterprise data strategy. A data governance usually defines principles, goals, policies, roles, decisions, processes, measurements and accountability. Data governance helps an organization to know how enterprise data can be leveraged to support the company’s objectives and goals.
Upgrading data management portfolio
Enterprise data strategy help organizations in upgrading their portfolio of data management tools to meet the challenges of big data and deep analytics. Data quality and integration tools like Hadoop, NoSQL databases which can support analytics are needed.
Big data and data science have proved that they have the power to amplify business opportunities. but how to identify right technical solutions and capture business opportunities? Basically, the main intention of data is to serve the business objectives of a company. So, to gain the objectives using big data, there should be a data strategy that can guide organizations to take actions to get started with data and capture value.