Data is a valuable corporate asset that, when managed properly, can be leveraged to benefit any organisation.
Pavan Atluri from Bizmod says that, as organisations big and small navigate the complexities of the digital age, many application owners within an enterprise still view data as a byproduct of operation as opposed to a pivotal driver of innovation and growth.
He adds that businesses not currently employing a data strategy might be suffering from the following symptoms:
- Silos of data managed and stored in various departments
- Inconsistent data quality making it difficult to glean insights
- Inefficient decision-making due to the lack of real-time data
- Lack of business alignment with BI, ML and AI teams
- Customer dissatisfaction due to poor experiences with a business led by inaccurate data
He says that central to all data management activities is a robust strategy that aligns closely with business objectives. “A data strategy is a roadmap that guides companies through the transformation journey of modernising their operations, and then governs how the data exists, is accessible, integrated, secured, and of a quality that will ultimately assist and guide decision-making.”
Atluri says that the engagement between the business and IT is a central part of the process. “Data governance and its resultant functions will not yield good results if the business strategy and IT strategy are not aligned with the data strategy. The strategic and tactical leadership must play a crucial role in not only performing the alignment but also cascading down clear messages across the organisation.”
In addition to the above alignment, he lists the following key steps for organisations establishing their data strategies:
- Resourcing: The placement of resources to oversee the data strategy within the organisational structure. Roles and responsibilities should also be clearly articulated and should be defined in such a way that it can be easily adopted by existing resources.
- Education: The creation of data literacy (pre- and post-implementation) among the users of the organisation, with a focus on mid-management for adaptability. Top management, on the other hand, should understand and accept these principles
- Tools: The procurement and maintenance of the right tools to enable a data strategy. The first step is to select the correct tool, and the second is the maintenance thereof with both resources and infrastructure.
- Alignment: Atluri cautions moving ahead with data management without the necessary leveraging of achievements by other programmes within the organisation. E.g.: In a financial services organisation one might consult the AML department as well as the data privacy team and management retention team.
Throughout the process of establishing a data strategy, Atluri says that a data culture needs to be promoted through all levels of management to encourage collaboration, knowledge sharing, and use of the data to inform decisions and strategies.
He cautions that there is no easy way to implement data governance and that it requires much patience and often some duplication of work. “Managing a process of this nature often requires the implementer to sit back, reflect on the state of business and its readiness, reflect on the messaging that’s gone out and the reaction of the organisation, and then engage with a fresh approach. Self-awareness is a key part of the process,” concludes Atluri.