Secret Recipe for a Successful Business!
A French military leader once said, “war is ninety percent information”. The same thing holds true even today. Nowadays, businesses are no short of wars, everybody is fighting or competing to dominate the market and get ahead of others. And in this cold war of dominance, strategic use of data is certainly a way to take a lead over your opponents.
When we talk about data strategy, we have two terms to ponder on: first one being the ‘strategy’ part and the other one is ‘data’. Now, a strategy is nothing but a set of choices and actions which are planned in such a way that they ultimately help the business in achieving high-level goals. And, if you bring data part into the picture and use it to make a better product, to provide better service to your users by analyzing & harnessing the power of data, then that team work of data & strategy is collectively termed as data strategy.
Points which illustrate data strategy’s importance for businesses:
- Businesses needs to manage the torrents of data they receive and having a data strategy helps in management of that.
- Thinking of future trends and how to manage them is also a part of data strategy.
- Another important aspect is of driving innovation and creating a data culture within an organisation.
- And with the gargantuan volume & variety of digital data we have these days, analyzing & using it wisely gives businesses a sustainable competitive advantage over others.
Another thing to note is that, data strategy can’t work alone, it is driven by organization’s business strategy & business model. So, having a good business model & strategy is always an add-on, especially when you’re planning to integrate data strategy into your business.
By : Amit Bishnoi