Data plays a central role in meeting companies objectives and delivering outcomes. The ambition is to establish a systematic focus on data and knowledge throughout the business, with a culture of innovation and collaboration that will allow companies to achieve and sustain breakthrough service and performance at least cost. Companies need to recognise the need to make more use of data to meet customer’s needs, whilst also leveraging the use of innovative technology to achieve this. Data Management and Business Intelligence will play a key role in meeting companies vision and customers’ expectations, to remain competitive in the marketplace
When we speak of “Data”, this covers a broad spectrum of both structured and unstructured data, across our multiple information technology systems and business areas; this also extends to data found on a physical medium, such as plans, drawings or reports.
Purpose of the Data Strategy
The purpose of the Data Strategy to provide clarity on how companies intend to manage, govern and use data in all its forms to ensure we are maximising data assets and exploiting their rich information. The strategy provides guidance on how companies intend to become a more data-driven organisation across the board.
Data Strategy is fundamental for organisations to achieve effective operations and performance management. Data is the life-blood of the organisation, being generated, validated, stored and used in all our everyday business operations. It is a key asset and pivotal to us achieving our outcomes for the coming future while providing the means for optimisation and innovation. Our intention is to develop our internal management and practices in AMP7 and beyond around our strategic view of data.
Aim of having a Data Strategy
The aim is to evolve and adapt the organisations’ culture to be more data conscious, driving quality from the point of capture right through the lifecycle, to support and help in achieving business objectives. People are a critical success factor in achieving the data vision, so we need to plan, train and foster an ethos where data is central to everything we do rather than being just an output of a process or in some cases an afterthought.
Supporting people on this data journey will endeavour organisations to apply proven technologies, learning from our peers in their industries and other sectors, on how to capitalise on our data assets, as we strive, retain and build company knowledge.
Data Strategy
A sound corporate level Data Strategy is required to manage the data within the organisation and to use the available information for improving the efficiency of all our business functions.
An effective data strategy ensures:
- A Business wide appreciation for data as a company asset: the ability for all staff, at all levels of the company to understand and appreciate the value which data brings to the company, whilst understanding the need to carefully manage this asset from end to end.
- Adapting Information Systems for your business: As organisations become more data-driven, they must strengthen their IT-to-business alignment by collaborating more rigorously to define and prioritise data requirements to meet our outcomes;
- Linking Data management to outcomes: Stronger internal alignment, particularly with our Information systems, is a foundation for future-facing enterprise data strategies. Improvements to data and its management should link directly to one or more of our outcomes.
- A collaboration of enterprise data and its strategies: Achieving the new level of business synergy and alignment (as a foundation for corporate data strategy). Organisational structures that are inherently collaborative for data, such as our data governance boards, data stewardship programs, steering committees, and data management centre of excellence.
- Insight-driven decision making: Being able to process, analyse and interpret data at all levels within the company, whilst making sure that findings from data support the delivery of one or more outcomes.
- The retention of critical company knowledge and data: It is crucial that organisations leverage the ability to provide continuity in the retention of the company’s knowledge, which must be transferable within the business – ensuring that vital data is properly safeguarded and that information generated (whether in physical or digital format) retains its place with the company and not just its people.
- Coordination among data management teams: Part of the concerted effort of our corporate data strategy involves aligning multiple data management teams that exist within the organisation. These teams need to collaborate and agree upon common standards for defining and modelling key business entities (such as customers, assets, and financials) and how data about these can be improved and shared across information systems. Standards for data and application development should align with stated business goals for data;
- New data strategies for new business practices: Organisations need to improve thier response time to operational events so we need fast, frequent data, in near real-time via data services. To manage data requirements, organisations are investing in new systems, technologies and implementation of best practices.
- Benefits realisation: The Data Strategy helps organisations develop the plan for realising benefits around data problem areas. It helps in effectively using our data for strategic advantage and operational decision making.
Risks of no Data Strategy
Not having a data strategy increases the risk of allowing each person within each department of the organisation to develop their own methods for using and managing the information available. Systematic data management at enterprise level will improve our business decision making, contributing to improvement of business performance and growth, whilst addressing organisational requirements for easily accessible and trusted data to be available for compliance and reporting.