Businesses are shifting their approach to data and how they are building a data strategy. As Clay Ryder wrote in an earlier blog, “A business’ data is one of its most unique, differentiated, and competitive resources. But to fully unleash this treasure trove of advantage, IT needs to move beyond supporting data centers to instead realizing data is at the center for the business.”
Yet, to actually shift our mindset from throwing more of the “latest-and-greatest” technology into our data center to putting data @ the center of our business, we must start by understanding our data strategy – what does data mean to our business and how will it drive competitive differentiation?
We recently sat down with Mark Peters, principal analyst at ESG Global, who shared his thoughts in a series of videos about both building and executing on an effective data strategy. Here’s a summary and a view into those conversations:
Data is an THE Asset
Let’s start the conversation about data. Sure – data is an asset; after all, it is the new economic currency. But, data isn’t simply an asset – it’s THE asset, not just for an IT organization, but for the entire business. As you are evaluating your data, remember that not all data is created equal. It’s important to understand all the various datasets you are storing, managing, and ultimately, transforming.
The Need for a Data Strategy
The debate continues – information technology or infrastructure technology? The unending debate on how vs. why. But, success is not either/or. An organization must understand both the why (Why is their data important?) and how (How to drive actionable insights from that data?).
To get there, CIOs must align their organization with the business goals and show that they are not simply a team trying to keep the lights on, but rather one that is having a direct impact on how the company both survives and thrives.
How to Build a Data Strategy
Okay, now you might get the need for a strategy, but how does is it actually created? As mentioned by Mark in this video, a data strategy “doesn’t get plucked out of thin air.” The data strategy is very similar to a business strategy, and ultimately both should be aligned:
Building a Data Strategy? Some Helpful Resources
Here here a few more resources to help you both build and implement a successful data strategy for your organization: