Focused Data Strategy
With data termed as the new oil today, it has become imperative to collect data. Today we have the technology to store large amounts of data but this becomes like the problem of abundance. We’re hard-wired to deal with scarcity, not abundance.
Some might argue that the data we store might come handy someday. But, compare this to the problem of still keeping some clothes that you have never worn with you and you feel “I will wear it someday.” But that day never comes.
Hence, comes into the picture, the idea of a data strategy. Every business needs to collect only the data that it will need to optimize its revenue, marketing campaigns, recommendation system, employee attrition or any other relevant goal for that matter. It is better to have a clear goal and work towards it rather than collecting the data and doing ‘Eenie, meenie, minee, moe’.
While it has been established that a data strategy is important for a business, there are certain other vital components that comprises a data strategy.
- It is important to be organized about the data that is being stored. Knowing where to look for the data is necessary to make all processes smooth and efficient. Basically, a metadata that describes all the data you have.
- Collection of data is not easy. While some data is easy to capture, a number of processes go into collecting some necessary hard-to-extract data. Understanding that and streamlining processes to collect that data also becomes a part of data strategy.
- Provision and processing of data is necessary for it to become accessible and easy-to-use for the company.
- Data governance – To keep the data secure and to keep updating the data in terms of what more is required to reach the goal is absolutely essential
By: Devanshi Mittal