What is a data strategy?

A data strategy is a vision for how a company will collect, store, manage, share and use data while setting the foundation for data usage moving forward. Although every organization’s data strategy will look a little different, most strategies look to achieve common goals.

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Why is a data strategy important?

Creating a data strategy can help your company to utilize and market your products or services efficiently. With data at the forefront of your marketing, your business can effectively target the correct audience and increase sales. There is little room for guessing with data guiding your company. Implementing a companywide strategy will also help to improve data management within the entire organization. Since the amount of data in the world is increasing, it is crucial to build a collective understanding of how data should be used (especially for those working for your company).

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Something to keep in mind while building your company’s data strategy is that the strategy should be specific and actionable, while being flexible enough to change as various circumstances happen.

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Here are some things that should be accomplished when building your company’s data strategy:

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Define how Data will help your Company meet your Goals

• Describe the changes the organization needs to make to maximize the value of its data activities and outlines plans for how the company will make those changes
• Discuss the financial justification of the suggested data activities and how the company will benefit from them and use insights to increase its profits and monetize its data.

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Identify Types of Data you want to collect, what you’ll do with it & when

• Establish a timeline for completing the proposed activities, define milestones and priorities and describe a strategy for moving forward
• Identify tasks that will allow your company to achieve data objectives

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Establish Clear Goals & Objectives for Data Management and Use

• Set goals for data collection & distribution

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Simplify your Integrated Data

• Settle on one data hub to ensure there is no data loss or confusion

Create Guidelines for Data Analysis & Application

Plan for Data Storage and Organization

• ‍‍Create a safe space to store your data so that it is easily accessible for those with access, but secure enough to protect against hackers.

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Facilitating a space for employees to collaborate on their ideas for a data strategy can help unite the company through this process. Ultimately, creating a sustainable, flexible and strategic way to work with data will lead to the most success for companies.

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Still not sure where to start?

Our products and services are designed to integrate data into your business and creating driving factors for success. Regardless of your industry, we have the tools to help your company get started (trust us, we’ve been doing this for over 15 years)!

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