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At Modis, we’ve found that a smart Enterprise Data Strategy takes an iterative and repeatable approach. We’d even go so far as to say that this is the only approach that works. Enterprise Data Strategy success can only be built on a bedrock of rapid, agile initiatives using data to address critical business initiatives, underpinned by strong enterprise governance and data classification. And for most organisations, this involves a substantial cultural shift.
Every organisation needs a data strategy to navigate the process of using data to get ahead. After people, data is fast becoming the most valuable business asset, often referred to as the ‘new oil’. Successful and forward-looking enterprises are now harnessing their data asset to make strategic business decisions and leave their competition behind.
But what does this involve?
First, let’s recap on what a good Enterprise Data Strategy does for your organisation.
Enterprise Data Strategy defines how data can be best used to support the organisational business strategy. It provides the highest level of data guidance available within the enterprise. Enterprise Data Strategy also involves the ongoing balancing of learnings from earlier iterations with new ideas to produce reliable data assets.
The six key components of an Enterprise Data Strategy are:
A smart Enterprise Data Strategy is one that involves incremental learning and adaptation. To learn more about developing a smart data strategy download our whitepaper here.
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