Why would a consistent Enterprise Data Strategy be important in business?
A data strategy is a highly dynamic process employed to support the acquisition, organization, analysis, and delivery of data in support of business objectives – As per definition by Gartner
Business can be summed up as a human process of making, selling, and delivering a product or a service. Enterprise data strategy is very important to the success of any enterprise. Enterprise data strategy is to implement a uniform approach to the management of data throughout the enterprise.
It is to ensure a standard data platform that allows you to grasp an enterprise’s entire information flow. It is to use the same standards and data definitions throughout the organization so all departments can work with the same platform.
Data governance (DG) is the process of managing the availability, usability, integrity, and security of the data in enterprise systems, based on internal data standards and policies that also control data usage. Effective data governance ensures that data is consistent and trustworthy and doesn’t get misused. – from Techtarget
Some of the benefits of this are
- Golden Source of Data – A centralized data storage to be used for all the reporting and analytics purposes. Avoiding the data risk, errors and saving times required for reconciliation of numbers from different report.
- Rich Meta Data – Unified data attributes and definitions help to maintain rich metadata and logic. This reduces the risk of misinterpretation of data and in turn risky or wrong decision making
- Security – This also help to implement a standardized Data Security and Data Risk management to ensure data security. Customer personal information can be stored centrally to ensure GDPR followed across all the platforms.
- Enhanced and Standardized process – It helps to ensure standardization of processes across organizations to ensure accuracy of data
- Data Quality – THis provide a chance to implement centralized Data Quality Framework across organization
- Advanced Analytics – Centralized data helps to create a single view of customers, understanding interaction on different platforms and with different products. It helps to apply advanced analytics and machine learning model like building the Customer Propensity Model.
Having a data strategy is an important component of any business. It will allow you to take your company to the next level by ensuring that every department is running smoothly and efficiently. It also promotes a culture of Data-Informed decision-making across organizations. This will help you to streamline your business processes and data management.
Feel free to connect with me on LinkedIn to discuss this further – Sagar Nikam