What is a data strategy and why do we need it?
A data strategy is a framework or roadmap that allows organizations to draw important business insights from the data. It defines how data is collected, stored, used, managed, and shared within an organization.
There are several reasons why we need a data strategy. The volume of data generated by businesses is increasing, making data management more complex.
The lack of standard data, data accuracy, and bad accessibility slow down the process of getting relevant data when needed.
Data security & governance
Data security & governance are essential to protect sensitive information from cyber threats. It helps to maintain data privacy. Data strategy helps improve efficiency by making the process efficient & seamless.
With a complete overview of customers and the internal progress of the company helps predict the future of products or services. It offers smarter solutions to customers and improves internal processes and collaborations.
Data strategy focuses on data management that leads to data governance. It is also crucial to choose the right technology and architecture for businesses.The key elements of a data strategy are business alignment, data quality, data governance, and data security.
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