|
Data Strategy – a roadmap to effective data management
Companies from around the globe have generated more data, due to organizational
changes - like reorganizations, new business lines, acquisitions, and regulatory
changes. Rarely is this data adequately managed, and thus it is not available when
and where it is needed for organizational growth and success.
Industry pundits think that there are two predominant issues that cause the road
block to achieve successful Enterprise Data Management (EDM) solutions. One is a
lack of a people-centric governance model and the second is the lack of a robust
data management process to manage enterprise data within an organization. This is
highly critical since EDM encompasses the proper identification and use of data,
which translates into actionable information that can be used to manage performance
throughout the organization and to achieve a long-term business strategy.
To achieve excellence in Enterprise Data Management, an organization will need to
adopt a roadmap that will show a multiyear process - a data management journey that
is prioritized based on business value and vision. There are three vital elements
in this effort:
- Current State Assessment: A data management assessment is required to evaluate
the organization's current capabilities in several areas, like Data Structure and
Databases, Data Governance, Data Storage, Data Architecture, Metadata, Data Quality
and Data Security.
- Future Vision Statement: The creation of the future state vision is achieved
by analyzing the portfolio of EDM project initiatives - based on immediate business
needs and the areas targeted for improvement. They may be standalone projects, for
example, a data governance project that addresses a significant business issue,
or a larger project initiative, such as an Enterprise Reporting.
- Roadmap: An implementation roadmap that focuses on the sequence, in which,
the future state can be achieved in an incremental manner, without impacting the
current business functions. In laying out this roadmap, important factors to consider
include the organization's business model, past actions and future plans, business
objectives, technical dependencies and the requirements of projects already underway.
Acxius's Data Strategy and Planning Services can help you in this effort by creating
a robust data strategy and the roadmap to achieve your EDM goals – thus taking your
business to the next level in the process.
|
