What Is a Data Strategy, and How Do You Create One?

February 09, 2024

Decentralized Data StrategyA decentralized data strategy offers flexibility, with data distributed across multiple locations or servers. Further reading: 6 Types of Reports for Making Data-Driven DecisionsData Strategy FrameworkBefore building a data strategy, it’s important to understand what a data strategy consists of. Your data strategy framework should consider the following essential data strategy components:Data GovernanceData governance involves establishing rules, policies, and standards to ensure data across the organization is secure, accurate, and compliant. How to Build a Data Strategy in 7 StepsNow you understand which components of a data strategy are important, you’re ready to create your data strategy. Here are some key policies you are likely to need:Data ownership: Defines who owns various data assets within the organizationDefines who owns various data assets within the organization Data quality: Establishes standards for accuracy, completeness, and reliability of dataEstablishes standards for accuracy, completeness, and reliability of data Data access and control: Outlines who can access data, under what conditions, and with what level of authorityOutlines who can access data, under what conditions, and with what level of authority Data privacy and protection: Includes guidelines for protecting sensitive data and complying with privacy lawsIncludes guidelines for protecting sensitive data and complying with privacy laws Data retention Determines how long data is kept and how it is archived or disposed ofDetermines how long data is kept and how it is archived or disposed of Data usage: Sets rules for the appropriate use of data within the organization, including how and when it can be sharedPro tip Data governance is not a set-it-and-forget-it task.

The source of this news is from Semrush