Implementing an effective data management strategy
In today’s challenging business environment, organizations must use all available tools at their disposal to foster innovation and create a competitive advantage. To that end, leading organizations are realizing the true value of business intelligence initiatives, and defining and managing data as a strategic, enterprise asset. While implementing an enterprise view of data can be a challenging journey, the benefits can pay dividends several times over.
To truly realize the value of data, organizations must have a clear vision of how it can be a strategic asset, and develop a plan to institutionalize the concept of enterprise data. However, it’s also important to have the right support in place, implementing the right processes, practices and technology to manage the use of data. Enterprise data is not a “once and done” endeavor; there should be a continuous improvement mindset throughout the organization, with continued review and evaluation, and the goal of maintaining and growing capabilities.
An enterprise view of data and providing users the ability to access trusted, validated data has significant benefits, including:
- Greater organizational consistency
- Improved enterprise collaboration and communications
- Increased productivity
- Improved ability to deliver results
- Potential reduced cost of technology ownership
Alternatively, a lack of effective strategy and data management can lead to conflicting information, greater technology costs, organizational waste and reduced productivity.
Putting effective data management capabilities in place that support the overall data strategy requires a balance between people, processes and technology. Each component plays an equally important role in maximizing the value of enterprise data. For more information on developing and implementing a comprehensive data strategy, read our white paper, The importance of strategy and data management.