Data Management Strategy: 6 Tips to Put It in Place
A well-thought-out data management strategy is essential for businesses.Whether to take advantage of the benefits of data analysis, or simply to comply with regulations such as the GDPR, it is important to adopt good practices from the start. Here are X tips to apply to set up your data management strategy.
More and more companies are collecting data about their customers. However, with the recent entry into force of the RGPD in the European Union , this data can no longer simply be carelessly collected in a database. In order to comply with legislation, it is essential to set up a Data Governance strategy .
A good data management strategy is also necessary if your company plans to analyze this data in order to extract actionable information. In this context, we offer below some tips for implementing your strategy.
Make sure you have an overview
The first step in setting up a data management strategy is to make sure you have an overview of the data you plan to manage . The first question to ask yourself is: what data are available to you?
To answer them, consider a sample of your most important data — the ones that have the greatest impact on your bottom line. It is on this data that you must base yourself to define your data management strategy.
Then think about setting priorities. Determine the most important elements of your strategy , those that will have a direct impact for all divisions of the company, and make sure to deploy these elements in the first place.
Develop a data lifecycle management strategy
Data lifecycle management, or data lifecycle management, is about managing data throughout the entire lifecycle , from creation to obsolescence. It is indeed very important to classify the data according to their seniority (and therefore their importance).
Data lifecycle management is therefore at the heart of a good data management strategy. The white paper at this address will provide you with tips for setting up a good data lifecycle management strategy .
Make sure you have the support of the executives
A good data management strategy requires the support of the executives of the company. In fact, the most important thing is to have the support of at least one executive who plays the role of sponsor of the project.
It will ensure the visibility of your program to other executives and the entire company. He will also be able to remove some of the obstacles to the project.
Name a CDO and a Data Governance Council
It is essential to appoint a Chief Data Officer (CDO) or Data Manager. He will be in charge of managing the project. As a first step, the role of the CDO will be to go around the business to collect the various data problems that the different departments encounter.
These data problems will then have to be evaluated in order to define a suitable solution to put in place. In addition to the CDO, a Data Governance Council should be formed to oversee and direct the program. Ideally, this advice should be composed of senior profiles.
Monitor and measure the impact of your data management strategy
It is very important to quantify the results of your data management strategy . Rely on the results obtained to continue in the same direction or make changes to your strategy.
Similarly, monitoring and measuring results will also reassure executives and shareholders about the effectiveness of your data management strategy.
Consider data management as a product
It can be very relevant to treat data management as a product using a structured and user-centered approach when preparing your project. Just like a product, your strategy needs to be thought for the future .
Similarly, just as for a product, it is better to proceed gradually . Start your strategy with a small, high-impact project, and then develop the strategy over time based on the results you’ve encountered.
Originally published at Entrepreneur News and Startup Guide.