1. Establish the ideal data hosting environment
Companies across the board are moving – at least on some or other level – towards hosting data in the cloud; it’s inevitable and highly specific to the company’s priorities, needs, and their existing digital strategy. A critical part of building a data strategy is to identify what data you want to keep on-premises and what will reside in the cloud, or whether you should go the hybrid IT route.
2. Identify critical data sources
In order to discern which are the most critical data sources that need to be measured, it should be remembered that these could include web services, flat files, or even unstructured data in a repository somewhere. In most cases, however, the best starting point will be at the databases. Use cases become very important here, as they point to where data sources that need analysis exist, and having multiple data sources allows for a more comprehensive outcome.
3. Set applicable governance structures
Next, it is imperative to decide on the governance structures that you would want to apply in terms of the data, and by whom it may be accessed. In addition, security is obviously always of paramount concern and a big consideration that must be included in the strategy.
4. Check the basics
Specific data considerations are a fundamental part of the strategy and should include the following:
- How you collect the data.
- Where the data gets stored and organised;
- Who accesses which data.
- How data gets analysed to extract insights – this could include machine learning or deep learning technology;
- How insights are communicated.
These steps can help unleash the value of data to serve your business purposes, from strategic to operations, and will go a long way in keeping your business relevant and competitive.
5. Consider professional outsourcing or stick with insourcing
Increasing numbers of companies are adopting big data strategies, with Statista predicting that the big data market will reach $103 billion by 2027.
However, the data cleaning and preparation process can be a gruelling, time-consuming task.
By managing your own big data strategy, you will most likely be grappling with large volumes of data. You may have disparate data and can’t tie it together, or you may have duplicated processes and thus have replicated roles in some way. Or, perhaps your infrastructure can’t accommodate big data management.
Outsourcing your big data initiative to a trusted service provider can provide multiple benefits, including guaranteed delivery, potential cost savings, and the ability to leverage off new technologies and robust expertise.
Whatever the case may be, it is recommended that business strategy shapes your big data plans and not just IT.
Remember, gaining insights from data is the key end result that will keep your business competitive, as the application of these insights can directly affect business results, customer satisfaction and operational efficiencies.
6. Assess professional data management services
Businesses need accurate, timely and relevant information to plan, allocate resources and manage the business to meet strategic objectives. Information assets that are effectively structured and managed enhance efficiencies, promote transparency and enable business insight.
Professional data management service providers have the expertise to develop an effective data strategy that takes companies step for step along a forward-looking strategy to achieving digital transformation and competitiveness. Their business solutions should encompass:
- Data management services
- Technology-agnostic advisory services
- Data assessment and strategy
- Data governance
- Data architecture
- Artificial intelligence
- Social business
- Implementation methodology
Datacentrix is a market leader in data management and offers comprehensive hybrid IT systems integration, managed services and digital business solutions.
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