Let’s talk about your organization’s data strategy. Data is growing exponentially, and organizations are struggling to find new ways to manage such an inundation. According to IBM, 90%of the world’s data was created in the last two year and LESS than 2% of all stored information is non-digital. Data comes from a multitude of sources, particularly within an organization. Data can be information collected about customers, market research, data generated by software systems, and more. A proper data strategy involves multiple people, software, and actions taken to ensure that data is being collected, processed, reviewed, and discarded in the most efficient, effective, and compliant ways. According to The Data Warehousing Institute, there are ten key elements to an effective data strategy. They are:
- Decide what data should be collected.
- Decide how long to keep the data.
- Decide where to store the data.
- Discuss data privacy and security and how you will govern this.
- Discuss where can data be accessed from (make sure not to violate any governmental restrictions).
- Discuss what data can be displayed (so you stay compliant).
- Discuss the level of detail you want to retain.
- Discuss who owns the data element, who is responsible for associated value lists, and what data must be verified (the aspects of data governance).
- Discuss data integration tactics.
- Discuss data virtualization.
Have these things been discussed within your organization? Have you implemented any rules, regulations, or policies to help you achieve any of the above?
According to Dataversity, only 5% of organizations are properly governed which means:
Business requirements drive IT projects; repeatable, automated business processes; personalized customer relationships and optimized operations; data projects funded appropriately; executives and users trust in all data-based decisions.
So once you set up a data strategy, how do you achieve such a status? The placement of the
right people (hired to solely manage data and data solutions), the right data solutions, and successful implementations of these and the policies you have set up as part of your strategy can lead to achieving this goal.
We are going to focus on the data solution aspect of this goal, because, well, that’s what we do. Here are some data solutions that an organization might look at to ensure that they are optimizing their business operations and automating business processes:
A data warehouse is a copy of transaction data specifically structured for querying and reporting. (LGI Systems)
Data Auditing is the process of conducting a data audit to assess how company’s data is fit for given purpose. This involves profiling the data and assessing the impact of poor quality data on the organization’s performance and profits.
Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. (CIO)
We are data auditing experts so let us tell you briefly how data auditing can strengthen your data strategy and overall data governance.
Just a few highlights:
- A data auditing application allows you to track each and every data “transaction” from any system (or multiple systems; i.e. CRM, FSM, MWFM, ERP, EMR) in real-time.
- A data auditing application gives you an easily searchable, easily interpreted visual log of your data on a separate business user friendly UI.
- A data auditing application allows you to archive any data without prejudice and then easily access it when you need to resolve errors, data issues, or customer service complaints.
A proper data strategy requires cooperation and collaboration from both business users and IT professionals as well as an executable plan and the right budget and funds to ensure that it’s done properly. When investigating data solutions, why not request a demo of our data audit log application, Observato, and see how it can bolster your data strategy.
For a more indepth look on creating an enterprise data strategy, take a look at this informative SlideShare.