The General Data Protection Regulation (GDPR) that will come into effect on May 25th 2018 has strong implications for nearly each and every company and organization in Europe. Its principle of privacy by design , that was first postulated by Canadian data protection scientist Ann Cavoukian could lead to a paradigm shift in how businesses develop their marketing campaigns and … [Read more...] about How to Improve Your Data Quality to Comply with the GDPR
Strategy
Learn everything about data strategy, what it should include in order to be successful, and how you can develop a data-driven business strategy for your business.
Make or Buy a Digital Transformation
Is a software development competency a prerequisite to a digital transformation? In How to Navigate a Digital Transformation I laid out a path to find ways to improve your company with innovative software solutions. Now what? There are three possible paths you could take to enable your digital transformation initiative: Make it with direct employees Buy it or subscribe … [Read more...] about Make or Buy a Digital Transformation
3 Fresh Approaches to Maximize Customer Value with Data
New customer acquisition is costly. And customers are increasingly demanding, fickle, and empowered with endless options ” new and old ” to spend their dollars. So brands are rightly focused on increasing retention and share of wallet to maximize customer value. Brands know that data holds the key to making the customer value gains they want to see. But they struggle to … [Read more...] about 3 Fresh Approaches to Maximize Customer Value with Data
A New Chapter In The Analytics Journey
Every individual and enterprise travels a unique journey in the pursuit of analytics. In my case, I could never have predicted how my journey would unfold when I first entered the workforce over 20 years ago. The rise of analytics as a strategic imperative and the explosion of career opportunities within the field far surpass what I expected coming out of school. I feel very … [Read more...] about A New Chapter In The Analytics Journey
4 Principles and Mistakes to Avoid When Using Big Data
Big Data is often hyped as the Next Big Thing, with fans claiming outlandish benefits for firms willing to use it. Yet, in many cases, companies enter into the world of Big Data without a coherent plan of what they want to achieve, and accordingly make some costly mistakes. One of the problems is that the geeks who work with Big Data generally do not understand the … [Read more...] about 4 Principles and Mistakes to Avoid When Using Big Data
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What is data strategy?
Data strategy, also called analytics strategy or business data strategy, is the organizing principle for an enterprise’s investments in data and data-related technologies. Data strategy provides a framework for thinking through the complex trade-offs in managing data as an enterprise resource.
It helps business leaders make decisions about where to focus their data investments and how to maximize the value of those investments. Want to learn more about data strategy? Datafloq has courses available. Contact us to get started.
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How does data strategy work?
Data strategy starts with a clear understanding of an organization’s business goals. From there, it defines the role that data will play in achieving those goals and outlines a plan for how to get the most value from data. Data strategy is an essential part of any organization’s overall data business strategy.
When done well, it can help organizations make better use of their data and gain a competitive edge. But when executed poorly, it can lead to wasted resources and missed opportunities. Data strategy is not a one-time exercise; it should be revisited regularly as an organization’s business goals and needs evolve.
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What are the four big data strategies?
Big data can be a big help when it comes to making decisions for your business. But how do you make sense of all the data out there? One way is to use the four big data strategies:
- Performance management — Helps you track and improve your business’s performance.
- Data exploration — Helps you understand your data and find hidden patterns.
- Social analytics — Helps you analyze data to understand customer behavior.
- Decision science — Helps you use data to make better decisions.
These strategies can help you get the most out of your data and make better decisions for your business.
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What should a data strategy include?
A data strategy should be designed to help an organization achieve its business goals. It should be aligned with the organization’s overall data business strategy to be effective, considering its unique needs, such as its size, industry, and geographic location.
The data strategy should also define the roles and responsibilities of those responsible for managing the data. Finally, the data strategy should identify the tools and technologies that will be used to collect, store, and analyze the data. By considering these factors, an organization can develop a data strategy to help it meet its business goals.
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What is a big data strategy, and why should companies have the strategy in place?
Big data refers to a large number of data companies have access to. It can come from various sources, including social media, transaction records, and sensors. The challenge for companies is to make sense of this data and use it to improve their business.
A big data strategy helps companies to set goals and priorities for dealing with big data. It also helps them to invest in the right technologies and build the necessary expertise. Companies will struggle to get the most out of their data assets without a big data strategy. They will also be at a competitive disadvantage compared to those companies that have invested in big data.
