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Most companies have developed sophisticated methods for storing and managing data. Still, few have learned how to build data into business strategies and align data efforts to their needs.
Data needs a strategy that aligns with the company vision.
A Data Strategy is a plan that converts data into assets that companies can use to achieve key objectives and goals. From an operational point of view, it's the roadmap to improved decision-making and optimized processes through data.
"Ask yourself if what you're doing today will bring you closer to where you want to be tomorrow." - Walt Disney
A well-defined strategy enables a company to leverage and share data across the entire business and improve essential functions such as budgeting, workforce management, and governance.
It doesn't matter what type of business it is. The reality is that in today's market, those with the best data systems and capabilities will gain a larger margin.
It's critical to collect, store, manage, and share data to execute a strategy and turn data into transformational assets. The Data Life Cycle also needs to be followed: Data, Technology, Analytics, People, and Culture.
Find out practical steps and tips for creating a Data Strategy.
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