How to Build a 5-year Data Strategy?

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Data strategy is the proper management of a company or organisation’s data. It includes storing, processing, and collecting data in a manner with no data mistreatment or loss. Data strategy is essential when it comes to any organisation. It forms the foundation of a company.

According to the MIT CISR Board of Data, data is a central and integrated concept that responsibly articulates how it will enable and further inspire business strategy. Simply put, data strategy is essential for any organisation.

Steps to build a 5-year data strategy

The steps to build a 5-year data strategy are as follows:

Identification of the collection of data

The first step towards data management is identifying data and then classifying it according to type, importance, and other factors. This step acts as a checkpoint that decides whether the data is important enough for inclusion or unnecessary and fit for removal from the company’s files.

Formation of a data management team and assigning specific roles

To efficiently manage your data, it needs to be in safe hands. Therefore, it is vital to form a data management team that deals with all important data. Make sure to assign specific roles to prevent any confusion that the mixing of duties may cause. Assign roles according to the capability of individuals.

The roles of data collection, usage, storage and others should be given to different individuals or groups of individuals according to their expertise. Hence, forming a data management team and assigning specific roles is essential for data management. You can learn more about this by enrolling at Adani Institute of Digital Technology Management.

Prepare a strategy/roadmap to deal with the data

To avoid future confusion, be clear about what you expect from the data and how you will utilise it in the future. Preparing a roadmap or strategy helps to better deal with data. A strategy or a roadmap also helps better classify data so that it does not mix up with other existing data at the time of use.

Utilisation or distribution of data

Make sure to utilise or distribute the data to fulfil the company’s objective or goals. The data should be utilised in a way that satisfies the main aim of being used. When the main objective of utilisation or distribution of data is clear, it helps build a solid 5-year data strategy.

Proper storage of data

Another essential aspect of a data strategy is its storage. To keep your data safe and adequately preserved, make sure to store it properly so that it does not reveal vital information about the company and remains intact. Proper storage of data is yet another essential aspect of data storage.

You can learn more by building a solid data strategy for any company or organisation through an Executive Program in Business Analytics and management.

Conclusion

Data is an invaluable and vital resource to a company. It is imperative to utilise, distribute, and properly store data. This helps build data strategy and in easy and better Business Analytics.

Data management or building data strategy is a vital skill because most jobs are now data-based. Thus it is crucial to be familiar with the skill and work on acing it.

Adani Institute of Digital Technology Management helps candidates ace data strategy and management skills via its Executive Program in Business Analytics and Management. With its renowned faculty and well-researched techniques, the Adani Institute is an ideal arena for people to learn and hone their skills.

FAQs

• Why pursue the Executive Program in Business Analytics?
• • The Executive Program is delivered by renowned scholars and experts from academia and the industry. It also offers an unmatched and flexible opportunity to learn without disruptions to working professionals.

• How busy is the program schedule?

• • The program is specially designed to avoid a hectic schedule for students and is adjusted according to the participants’ comfort. 

• Are classes individually driven or team-based?

• • The classes are team-based, and many individuals participate in the program.

• What is the curriculum content?

• • The curriculum of this particular course deals with Spreadsheet Modelling, Kaggle, Python, R, SQL, PowerBI, Apache Hadoop, Apache Spark, Apache Hive, and more.