3 Steps to implement a Modern Data Strategy for your Business
We are in the era of data explosion. Typically, a large volume of data hit enterprise applications at a very high velocity. Organizations need high-performance modern data platforms that can ingest, transform, and analyze data in real-time to create actionable insights. In the process, data exploration and data management can become more complex.
By adhering to an effective data strategy, organizations can avoid such challenges, gain agility in accessing data and improve their data consistency for business needs. Read on to know what modern data strategy is, why it is important, and how you can design one for your business.
Here’s a free infographic to give you a glimpse of Big Data trends and how industries are using them to realize tangible business benefits.
What is Modern Data Strategy?
Modern data strategy facilitates the organization to create an integrated ecosystem that consists of data warehouses and other cloud-based services around the data lake to provide seamless data process in a secure and governed way.
Modern data strategy allows data to flow seamlessly across various databases thereby improving the data quality to make them ready for analytics.
Why implement a Modern Data Strategy?
Today there is much excitement about using analytics against huge volumes of data to gain better insight. Without the effective integration of data between the available sources of information, it is difficult to perform analysis and discover insights in a large volume of data. Following are the main challenges for organizations that do not have an effective data strategy:
- Poor risk management decisions
- Data loss & Data breaches
- Expensive maintenance
- Poor data quality
- Long system response time.
With the right data strategy, organizations can harness the power of data, find insights from diverse data types, and make it available to the right people and systems. It helps to improve operational efficiency, make more informed decisions, manage risk, and accelerate innovation.
How to implement a Modern Data Strategy?
The following steps will help you to design and implement an effective data strategy:
- Define clear business goals and objectives
To have a successful data strategy, you must have a clear understanding of your organizational goals. Having clear business objectives ultimately helps you identify key performance indicators (KPIs) and metrics that influence decisions made from data.
By starting with gathering and documenting the business requirements, we overcome the first roadblock to many IT or technical projects i.e., knowledge of what the business is trying to accomplish.
- Identify the data sources and evaluate the process
This step involves identifying the different types of your data as well as assessing current business processes, data sources, data assets, technology assets, capabilities, and policies at the organization. Once the data sources are identified, evaluate them, and make sure that the obtained data are in line with the business objectives and requirements.
- Modernize your data infrastructure
A single source of data cannot fulfill all the business requirements. Your organization needs to identify the data where it exists and consider all the applicable ways that the data can be enriched when different data sources are combined. This represents shifting from traditional data architecture to a modern data architecture that enables speed, agility, security, and high volumes of data.
Ready to get started?
Your data is an incredibly powerful asset to your organization. Using data to its full potential empowers businesses to drive better decisions and remove inaccuracies and inefficiencies. Hence making sense of it is vital now more than ever.
iLink provides a holistic data strategy so that organizations can adopt innovation efficiently and successfully position themselves in their industries. Check out our service portfolio to learn how you can start using your data in impactful ways.