How to Leverage a Modern Data Strategy: Framework for Success
It’s no longer enough to simply collect data. Today, we know data has the ability to help organizations retain customers, manage supply chains, create new revenue streams, and build more efficient businesses, so it’s vital to put the data we already have to use.
Many organizations are recognizing the importance of obtaining real-time insights in order to stay competitive in today’s market.
78% of boards of directors across various industries consider data analytics a top-three game-changing technology moving into the future.
The constantly evolving market dynamics of the past couple of years have helped leading organizations understand the importance of data-driven decision-making and its importance in our current, hyper-competitive marketplace. As businesses are positioning themselves for success, they’re understanding the importance of using the data they already have to help them improve.
Gaining Value from Your Organization’s Data
Regardless of where you are on your modernization journey, leveraging a modern data strategy can help improve your data-driven decision-making while quickly and efficiently setting you up for success.
A Framework for Data Success
First, you’ll want to create a strong data strategy framework. Here are the seven elements to include:
- Business objectives. What problems does the business need to solve? What analytic capabilities will your business need to solve problems? This element informs the strategy for your business, making scaling up in the future a straightforward process.
- Governance, Security, and Compliance. Through strong governance, you ensure your data strategy addresses industry standards for security and compliance, including data quality and meta-data management standards.
- Skills/Center of Excellence. By educating your employees and identifying skill gaps, you can create a data-literate culture within your organization.
- Data Migration & Modernization Plan. A strong migration and modernization plan serves as a roadmap for the targeted business outcomes you want to achieve with your data.
- Cloud Landing Zone. While you’re creating your strategy, you’ll want to consider who, if anyone, currently has access to the central data and who should have access to it in the future.
- Data Lake Foundation. This is the technology and automation put in place to quickly deploy infrastructure to ingest, store, process, curate, and consume data.
- Operating Model. Finally, we create a vision for situations when things don’t go as planned. By knowing who is responsible for what and how, you can avoid future conflict or confusion.
Structuring Your Data for Long-Term Success
Structuring your data to improve your business now and in the future are equally important, which is why planning your data strategy framework is crucial to your success.
Common issues that organizations run into include:
- Siloed data. Without a strategic approach to data modernization, organizations often use unintegrated data that can only be used by certain people in certain areas of the business for certain use cases.
- Increased Expenses. By using a number of disconnected systems, you may experience growing costs and licensing fees associated with restrictive legacy technologies.
- A data lake becomes a data swamp. Without a plan or oversight, organizations find themselves in a data swamp, where all of the data is there, but it is disorganized to the point that it is difficult to find and use the data for business processes and decisions.
- Unrepeatable processes. Without understanding, recording, or refining your processes, every search becomes a laborious and extensive endeavor for your teams.
In order to avoid these issues, you’ll want to take a step back and consider how your business can organize, structure, and optimize data for today and the future. You’ll want to create a data strategy that prepares for your long-term business objectives while leveraging your current strengths for short-term optimization.
Developing a Data Strategy Framework with OAM
Your organization's data can be a transformative asset. In order to unlock the potential of their data, organizations are migrating and modernizing their existing analytics workloads at scale in the cloud. Through Onix Analytics Modernization (OAM), we utilize a factory-based approach to migrate and modernize your data in three steps:
- Assess. First, we assess the on-premise resources, data, business, and technology needs that will impact your modernization journey Then, we create a recommended action plan that is tailored to your specific needs.
- Enable. Second, we address any gaps uncovered in the assessment phase, including helping you upskill your workforce.
- Accelerate. Finally, we accelerate the implementation of all or part of your workloads to optimize your infrastructure environment to help you make data-driven decisions and improve your business.
Ready to Get Started?
Your data is an incredibly powerful asset to your organization — especially if you use it to its full potential. By understanding modern data strategies and how leading organizations are utilizing their data to successfully position themselves in their industries, you can do the same.
Get started with our Modern Data Strategy e-book today to learn how to start using your data in impactful ways.