Data Strategy is a set of decisions made to achieve certain objectives. Using information to gain competitive and corporate advantages. It is a comprehensive vision that allows the organization to take advantage of resources related to data or that depend on data; and a basis for any strategy, be it BI, Big Data, CRM, among others.
Knowing what to do with this maelstrom of data is essential to a company’s success, although this analysis is still considered a major challenge. Studies show that companies use less than half of the data they have to help make decisions. On the other hand, 70% of employees have access to data they shouldn’t, and 80% of analysts’ time is spent discovering and preparing the data to be analyzed.
A good data strategy requires an understanding of the company’s business strategy. Leveraging existing products or services to gain a 360-degree view of the customer and guide the business to deliver the best customer experience.
A good data strategy also:
– defines which questions need to be answered and how these answers can improve the business strategy
– identifies the data that should be collected for analysis
– details the skill sets of the people who should do this analysis and what tools are needed
– explains how to prepare the company to put the business strategy into action
The importance of data
A few months ago, The Economist magazine proclaimed: “data is the new oil”. Regardless of the sector of the economy, to survive in the sea of competitors it is necessary to know how to use this data correctly, especially in times of Digital Transformation, which encourages companies to adapt their processes to make them more productive.
Most companies currently have the data they need to implement a strategy, but they still struggle to generate value from this data. Therefore, it is necessary to improve the analysis of consumer data to create products and services that meet their needs and desires. Have a purpose and a strategy for collecting data and knowing what to do with it and transforming it into supporting material for decision-making.
Working with this data means doing more and better business. Data makes it easier to structure new strategies and adapt existing ones. By using Big Data, for example, companies can create competitive advantages and improve their performance in the market.
Today, any effective data strategy requires reliable data sources and modern tools for capturing them. On the other hand, as the amount of data available increases, issues of protection, privacy and accountability also become even more important.
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