17 Jun Essential Components of a Data Strategy
What Defines a Data Strategy?
Each organization needs a strong Data Strategy to make efficient decisions.
But why exactly do you need a Data Strategy?
Data is inevitable for a business, and the main reason why you need a data strategy is because it helps in efficient data management. Your data strategy outlines a definite set of goals and objectives across numerous projects. An efficient data strategy ensures data is used effectively and efficiently and is made available to the right people at the right time through any connected device over the cloud.
An enterprise data strategy acts as an umbrella for all domain-specific strategies like enterprise data management, Business Intelligence, Bigdata, etc. Agile Business Transformation is achievable through effective data management strategy. Most businesses today are still alarmed with not much clue about how to make efficient use of the vast repository of data which is scattered and available through numerous sources. This is exactly when your business needs a smart data strategy!
You can efficiently manage all your data using Nuvento Enterprise Data Management Services. Data management cloud ensure effective cross-functional collaboration and better data governance, quality and policy compliance.
The relevance of a fool-proof Data Management Platform
Reputation of a brand depends largely on its customer satisfaction scores, customers act as your brand’s mouthpiece and they can make or break your brand in this aggressive tech era. Decision makers in most enterprises are often confused amidst Complex processes and inefficient data management systems. This negatively impacts the information they pass on to a customer while offering a product or service through the internet or any other channel. This calls for the need for a strong and secure data strategy which ensures such information is regularly updated and scrutinized before it reaches the customer.
A simple example which illustrates this is the instruction passed on to the customer while dispatching a bank product like a debit/credit card. The product brochure which contains contradictory information can prove as lethal as far as brand image is concerned. The details which guide the customer as to how to activate the card should be simple to understand and easy. An effective data management platform scans your entire data storage and looks for correct information. This process goes through numerous security checks to detect faults. Finally, correct information gets ready which can be passed on to the customer as part of the product offer.
What is new in Data Warehouse as a Service (DWaaS)!
Customer data is securely stored over Microsoft Azure which is one of the most modern data warehouses optimized for maximum efficiency in decision making. In simple terms, data warehousing model configures and manages your entire hardware and software infrastructure and serves as a Hub for all your business data needs.
Digital transformation strategies require robust Data Strategy as a starting point. Nuvento collaborates, stores and processes all your data, be it structured, unstructured, static or streaming. Transformative developments in BI and Advanced analytics gets easier with Microsoft Azure.
Data warehouse architecture is also witnessing changes, businesses rely largely on the cloud these days and are making a smarter move towards cloud from the traditional on-premise servers. Cloud based data warehouses are comparatively quicker to set-up and scale. Time to market also gets accelerated compared to traditional systems. Data marts ensure smoother workflow within an enterprise. For instance, your marketing analyst can pick useful indicators on customer behaviour and make strategic decisions on targeting. Analytics using complex data gets easier since DataMart makes it possible to tailor data based on user requirements. In simple words, data mart precisely summarizes huge data pertaining to a specific line of business, then makes it available for further analysis.
Few essential components of an effective data strategy
Businesses are taking data strategy as an inevitable factor which directly impacts their profitability. Data driven organizations like Nuvento considers data integrations services as vital for smoother operations. Few essential components of an effective data strategy are as follows:
- Identify Data:
Data comes in numerous forms from various sources, some might be reliable others might need stricter segmentation and analysis to arrive at meaningful insights. Being able to identify the data and its sources is the crucial element of any effective data strategy. Yes, that is the first and foremost step!
- Data Provisioning:
Data which is arranged and stored in a specific pattern is made available without tampering the rules and access instructions. Data provisioning is an important step in deciding how stored data is structured and disseminated.
- Data Store:
Your business application-based data is stored in a structured pattern and made available for further processing. Data onboarding is also an essential step, how you navigate across the site and get access to data, how you segment the data, and how far you are able to manage changes/modifications in data are all crucial for the development of a good data strategy.
- Data Integration:
Data combinations which are identified are moved to desirable locations based on demand. Identifying and matching data, applying identity rules and precise analytics are some of the key fundamentals in data integration.
- Data Governance:
Data management is a vast area for which governance rules are detailed and complex. Information policies need to be regularly updated and communicated. Methods to ensure effective and efficient data use must be the priority. Data quality, data security, data rules, and policies are all evaluated as part of a strong data management strategy.
Contact us today to learn more about an accelerated Data oriented strategy!