April 13, 2024

Business Bib

Business & Finance Blog

How to Build a Cohesive Data Strategy

3 min read

To make the most out of the data you collect, you must first put together a cohesive data strategy, outlining how you will collect data, and what you plan to do with it. A well thought through data strategy is integral to a business plan, and the best way of achieving the goals and intentions that you are aiming for.

Your data strategy should be fundamentally driven by your existing business plan and there are things you should include to make sure it excels your business to achieve its goals. The following suggestions are important to consider when building your data strategy.

Have a clear vision of your data management

Data management is the whole life cycle of the data you collect; it includes data governance, modeling, quality, analytics, security and more. It is important to have a vision of how you plan to use your data, and build a thorough data management plan accordingly. There are organisations online such as Outlier Technology that offer support to help you with each of these steps.

Selecting the best data assets for your needs

You may choose to collect data on your premises, through a cloud based software or a hybrid of the two. You may also be considering a whole variety of different management based software assets to manage your data. All these decisions may take time but choosing the right one for your data strategy is crucial, so do some planning an advance, or talk to a specialist so you make the right decision from the start.

Consider the roles for each data asset

You will likely be using a variety of data assets in your data strategy, for example an excel database, a Customer Relationship System (CRM), a Cloud based software or a Regional Database Management System (RDBMS). Working with so many data assets at the same time means that it is important to be sure of the role for each. This clarity from the start will avoid confusion later down the line at crucial moments, and ensure that you are making the most of each assets optimised function.

Well designed metrics

Using good metrics is fundamental to all elements of your organisation and in particular to your data strategy. Working with the fewer select metrics, rather than every single metric possible will save you time and energy when it comes to reporting. Choosing the right metrics will help you better understand how your business is developing.

Clearly outlined roles and responsibilities

Having a variety of different people on your team responsible for different elements of data collection, management, analysis and protection is very common. To ensure seamless working between everyone it is crucial that everyone understands each other’s roles.

Finally, as with any plan, it is important to identify your short and long term objectives. By monitoring your ongoing progression and keeping an eye on upcoming deadlines you may set, you will be far more likely to achieve your desired outcomes. With the help of a well thought through data strategy, the ongoing data you collect will help you achieve your program objectives, formulate concise reports and help to propel your business development.