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Building a Robust Data Strategy

Colt Technology Services is building a data strategy with three pillars: business outcomes, underlying data foundation and governance, and technology. The company has data sources across multiple functions that it wants to consolidate to drive better insights and strategy. It has partnered with its learning and development team to increase data literacy among employees. The data strategy starts by identifying key data use cases around improving decision making, understanding customers, creating better products/services, improving operations, and generating revenue from data. It will select top use cases, identify requirements, and consolidate them into a unified data strategy.

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Nikhila Lakkaraju
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360 views9 pages

Building a Robust Data Strategy

Colt Technology Services is building a data strategy with three pillars: business outcomes, underlying data foundation and governance, and technology. The company has data sources across multiple functions that it wants to consolidate to drive better insights and strategy. It has partnered with its learning and development team to increase data literacy among employees. The data strategy starts by identifying key data use cases around improving decision making, understanding customers, creating better products/services, improving operations, and generating revenue from data. It will select top use cases, identify requirements, and consolidate them into a unified data strategy.

Uploaded by

Nikhila Lakkaraju
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Building a Data Strategy
  • Data as a Corporate Asset
  • Data Lifecycle Management
  • Data Management
  • Colt Technology Services - Building a Data Strategy
  • Colt Technology Services: Data Strategy
  • Building an Enterprise Data Strategy
  • How to Build a Data Strategy

Building a data strategy

Ref: “Data Strategy” by Bernard Marr, 2nd edition


How to profit from a world of big data, analytics and
artificial intelligence
Data - A Corporate Asset
Organizations today need to think of data as a corporate asset and build
a robust data strategy.
A data strategy is a plan designed to improve all of the ways you acquire,
store, manage, share and use data.
Data Lifecycle Management
Manual data entry
External acquisition
Capture from devices

Acquire/
Create
Security
Backup & Recovery

Data Purging
End of life
Destruction Storage

Data archived and


protected, Available for use Usage & Data viewing, processing, saving &
Encrypt Archive sharing
Analysis
Monitor privileges & data access
Data Management
Source: Margaret Rouse, TechTarget, SearchDataManagement

Data management is the process of capturing, storing, organizing and maintaining the data created and
collected by an organization
• Data Administration
• Performance monitoring, database design, configuration, installation and updates; data security; database
backup and recovery.
• Data Modelling
• diagrams the relationships between data elements and how data flows through systems
• Data Integration and architecture
• combines data from different data sources for operational and analytical uses; dataware house /data lakes
• Data Governance
• sets policies and procedures to ensure data is consistent throughout an organization, is shared with the
right users;
• Data Quality Management
• aims to fix data errors and inconsistencies, validation and verification of data
• Master Data Management (MDM)
• creates a common set of reference data on things like customers and products – the golden records
Colt Technology Services
- Building a data strategy
Reading
Colt Technology Services : Data Strategy
• What are the data sources?
• Data spread across multiple functions - marketing, finance, operations and sales teams,
network usage and call data records
• What is the objective?
• to consolidate the business data across all functions
• drive better insights to aid in and keep track of strategy
• Strategy to be a data driven organization is based on which three pillars?
• Business Outcomes – what the business wants out of the data
• Underlying foundation & governance
• Technology
• What has the company done to transform the underlying data culture?
• partnered with their learning & development to develop a data literacy framework and
intervention for learning and development of the employees of different persona
For Colt
Technologies

Business
Outcomes

Underlying
foundation
&
governance

Technology

Sources of
data

Source: Global Data Strategy articles


How to build a Data Strategy?
Start with the six key use cases to use data to create value
• Improving decision making
• Understanding your customers and markets
• Creating better products
• Creating better services
• Improving business operations
• Creating revenue from data
All data use cases one creates should fit into at least some of the above
See Data use case template on how to create a data use case
How to build a Data Strategy?
• Identify data use cases from different functional areas
• Shortlist the viable use cases
• Pick around 1- 5 major use cases where 1-3 are “quick wins” and 2 are
majorly transformational
• Quick wins will help build trust in the method
• Majorly transformational will demonstrate long-term value
• Populate the data strategy template 1 for all use cases separately
• Use data strategy template 2 to consolidate requirements around the
selected use cases as follows:
• Requirements: data governance, data management, skills, technology and
implementation
• This gives you a unified data strategy where you will identify synergies and
efficiencies that will be more effective if they are considered across the
strategy as a whole

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