In the digital business world, organizations can’t take advantage of their data assets without a proper Data Strategy in place. The Data Strategy is the plan that enables an enterprise to meet its business goals through its data. Avoiding common Data Strategy pitfalls and creating a successful strategy empowers an organization to realize its mission and vision through the use of data. The absence of a Data Strategy can lead to the following challenges for an organization:
- Siloed data with multiple versions of “truth”
- Low technology awareness
- Manual data preparation and integration methods
- Low data quality
- Poorly defined and managed metrics and KPIs
- Lack of data-driven decisions
- Absence of predictive or prescriptive analytics
- Overdependence on IT department
