The Most Important Components to Build an Actionable Data Strategy Framework for New Businesses

Many organizations today are experiencing data problems despite heavy investments in data management. One reason for this could be that companies are struggling with the notion that organizational data management requires a comprehensive strategy.

 

A data strategy should outline what data is crucial to the organization, including how it will collect this data and leverage it to unlock its full potential. Unfortunately, many companies don’t see data as an important asset.

 

Yes, hiring a data officer is a great place to start, but that is merely a part of any comprehensive data strategy. The data officer can only make strategic decisions by following an action plan guided by realistic and practical objectives for all stakeholders to follow.

 

That said, let’s take a look at the components you need to incorporate in your organization’s data strategy to guide you as you outline actionable insights, optimize operations, and make more informed decisions.

1. The Architectural Framework

A very crucial component of any data strategy is its architectural framework. The framework outlines the building blocks for the data strategy in terms of what needs implementation for the action plan to be successful.

 

The framework needs to outline how the organization intends to identify critical data, how and where it’ll be stored for analysis. This may involve elaborating on the elements necessary to implement the strategy, such as cloud-based software and hardware, network infrastructure, etc.

2. Stakeholders and Their Different Roles

A data strategy should outline the stakeholders involved with the data framework, including how they interact with the data. Not everyone in an organization needs access to crucial data, and not everyone who accesses the data uses it in the same way.

 

When creating the strategy, consider everyone in the organization who interacts with the data in any capacity, be it collection, storage, or retrieval. For instance, a customer service representative needs to record customer complaints as well as their information. Security guards need to document what vehicles come into the facility and at what time.

3. Clear and Measurable Objectives

If you’re going to formulate a data strategy that will boost the organization’s overall strategy, you need to establish realistic, practical objectives for the data strategy.

 

For instance, the organization’s data strategy might aim to make sure all authorized parties can securely access crucial data. To realize this objective, the framework might outline several data security protocols that can help stakeholders access data they need from any network without compromising the security of the data framework.

 

As you outline what you’re trying to achieve with the data strategy, set both short and long-term goals. This way, you can identify and address potential hitches and address them continually.

 

Without a Data Strategy, You’re an Organization Dangerously Operating on Whims

The truth is that we live in a data-driven world. Perhaps more than ever, managing torrents of data is crucial to the organization realizing its set objectives. Every business uses data, from the corner store tracking its inventory to the multinational manufacturer keeping records of its product distribution network.

 

While businesses can function without a data strategy, only those implementing a systemic approach to collecting, storing, and managing data can thrive.