Data is an important asset for all organizations, but few organizations are really creating true value with data. To develop value, data must be managed, and this requires the implementation of a data strategy. Of course that strategy will be different for all organizations, so I have create a set of questions that will help you think about the important issues when creating a strategy for your organization.
When answering these questions as well as a narrative, it is helpful to give a score your organization out of 100.
- Is my data strategy helping to prevent data breaches by improving cyber security?
- Does it meet industry standards for data privacy?
- Does it help to minimize fraud and financial risks?
- What is the cost in financial terms of maintaining the existing data infrastructure? Would we be better of creating new infrastructure?
- Does our existing data strategy contribute to the development of new products and services?
- Does it help to reduce operating costs or improve operational efficiency?
- Does it help the business to respond effectively to in changes to market conditions and competitive threats?
- Does it help improve revenue opportunities through CRM, marketing, etc.?
- Is it scalable enough?
- Will I be able to integrate new data sources both internal and external?
I hope answering these questions will help you in your quest to create the perfect data strategy for your organisation.
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