The importance of strategy and data management

May 15, 2020
Digital evolution Digital transformation

In addition to a strong data foundation, and reporting, analytics and information delivery, a thorough business intelligence (BI) initiative requires effective strategy and data management. With the need for organizations to use all the tools at their disposal to foster innovation, drive excellence and create a competitive advantage, a comprehensive strategy and data-management initiative proactively defines and manages data as an enterprise asset.

To realize the true value of data, effective strategy and data management must include certain criteria, including a clear vision of the value data can have as a strategic asset. Also, a company must have a plan to institutionalize the concept of enterprise data and weave it into the fabric of the organization. The right processes, best practices and enabling technology must also be integrated to continually support and manage the use of organizational data. Finally, a continuous improvement mindset must be adopted to maintain and grow BI capabilities.  

Achieving an enterprise view of data provides trusted, enterprise-validated data, as well as several other benefits, including:

  • Greater organizational consistency
  • Improved enterprise collaboration and communication
  • Increased productivity
  • Improved ability to deliver results
  • Potential reduced cost of technology ownership

However, without an enterprise data strategy, an organization can suffer unintended consequences, such as:

  • Conflicting information, reporting and analysis
  • Greater cost of technology
  • Organizational waste
  • Reduced productivity

The path to developing an enterprise view of data can be a challenging journey, but a successful initiative can pay dividends many times over. The right strategy can make the journey easier, provide more valuable insights and provide an early return on investment.

How to implement an effective data and reporting governance approach

The basics of data and reporting governance

Data has become the most important asset many companies have. Organizations that have access to reliable data have more success solving complex problems within the business, maintaining regulatory compliance and confidently driving overall decision-making. But do you really trust your data? To be truly useful, data must be accurate, available and usable.