Lecture #2 - Data Strategy

Data Abounds

Organizations store their data in a variety of locations and ways:

● SQL Databases
● Data Warehouses
● Excel Flat Files
● Shadow Databases
● Printed Reports



The V’s of Big Data

Big data are large, hard-to-manage volumes of data that inundate businesses on a
day-to-day basis.

● Volume - How much data are coming to us
● Velocity - How quickly data are coming to us
● Variety - What kidneys of data are coming to us
● Veracity - How accurate or credible data are
● Value - Whether the data have value to us



Defining Data Strategy

Data strategy is a framework for prioritizing and leveraging data as an asset to advance
the strength and success of an organization.



The Need for Data Strategy

Data strategy advances objectives to:

● Promote operational effectiveness and efficiency
● Retain and grow revenue
● Reduce risk
● Drive innovation

,The Need for Data Strategy

And over time:

● Data assets proliferate
● Organizations expand and grow more complex
● Analytic tools advance



Practical Realities

Organizations face common problems with data:

● The V’s of big data
● Data stored in different sources
● Data stored in different structures/formats
● Data used differently by different business users
● Current reality dominated by history

, Data Governance

Policies and practices that govern how we use and maintain data as a strategic asset
for the organization.

Effective data governance requires:

● A designated decision-making body
● Formal data dictionaries and descriptions of data architecture
● Individuals designated to provide stewardship

Data governance draws upon:

● Strategic planning
● Change management
● IT management

Data governance is:

● A long-term strategic plan