Understanding Data Strategy and the Data Lifecycle

  • By Josie Witaschek
  • in
  • on November 22, 2021

For organizations, implementing a good data strategy can be a pretty big task. According to Dataversity, only 30% of companies have a clear organizational data strategy. Data strategy as defined by Gartner is a highly dynamic process employed to support the acquisition, organization, analysis, and delivery of data in support of business objectives. Organizations wanting to move towards a more data-driven culture can do so by starting with a data strategy. Having a data strategy is the foundation to all things data in your company. Dataversity lists some characteristics of a strong data strategy:

  • A strong Data Management vision
  • A strong business case/reason.
  • Guiding principles, values, and management perspectives
  • Well-considered goals for the data assets under management
  • Metrics and measurements of success
  • Short-term and long-term program objectives
  • Suitably designed and understood roles and responsibilities

Overall, a good data strategy is one that unites departments throughout the organization and aligns them to meet business goals. Without strong analytics capabilities, a data strategy can not survive on it’s own. Garter provided an Analytic Ascendancy Model that shows the goal of moving from descriptive analytics to prescriptive analytics and by creating decisions using foresight instead of hindsight.

Understanding the seven data lifecycle stages is also important when implementing a data strategy:

  • Plan: The company creates a roadmap based on an organization’s Data Strategy to guide data activities through the other lifecycle stages.
  • Design & Enable: An organization purchases or develops a data solution and deploys it.
  • Create/Obtain: A business inputs data in the system.
  • Store/Maintain: The firm keeps the data in one or more systems to retrieve for usage. In addition, it performs maintenance on the data to keep it business-ready.
  • Use: A company does something with the data to complete business objectives.
  • Enhance: An organization makes its data more findable.
  • Dispose of: A firm purges the data from its data systems.

To implement your strategy across the data lifecycle Dataversity recommends building a data culture, measuring and testing data activities, focusing on interoperability, and aligning your data lifecycle activities through business use cases.

Leave a Reply

PUBLISHED BY Josie Witaschek

View all posts by Josie Witaschek

Related Posts

#MillenniumLive , Healthcare , Podcast

#MillenniumLive on Igniting a Digital Health Revolution with Validic

#MillenniumLive welcomes Drew Schiller, CEO & Co-Founder at Validic, the healthcare industry’s premier technology platform for convenient, easy access to digital health data from best-in-class clinical and remote-monitoring devices, sensors, fitness equipment, wearables and patient wellness applications. Drew discusses Validic’s unique perspective on the role remote patient monitoring plays as part of an organization’s digital […]

#MillenniumLive , Healthcare , Podcast

#MillenniumLive on Modernizing the Patient and Clinician Experience with Vital

#MillenniumLive welcomes Aaron Patzer, Founder and CEO of Vital, a modern, intelligent digital health application that is transforming the care experience in hospitals and in emergency departments. Aaron shares how Vital has been optimizing user experience with consumer-grade software and artificial intelligence, and how they committed to healthcare excellence, building beautiful user experiences and intelligent […]

#MillenniumLive , Healthcare , Podcast

#MillenniumLive on the ROI of Implementing Self-Service Online Triage with Clearstep

This week on #MillenniumLive, we chat with Adeel Malik, Co-Founder & CEO of Clearstep. There are few health systems in the U.S. that are properly equipped to service patient consumers in a manner that is easiest, safest and most convenient for them. Therefore, enhancing patient experiences and automating care access with clinical AI chat solutions […]

Healthcare

Online Communities: The New Strategic Advantage in Healthcare Marketing

Contributed by LiveWorld  3 RISING TRENDS IN HEALTHCARE MARKETING While the pandemic has created overwhelming uncertainty for healthcare systems, there are some very clear trends and factors shaping the challenges and opportunities of healthcare marketing during 2022. These factors include: 1. Rebuilding Relationships On a personal level, the pandemic forced us to see the value […]

Lovin’ Digital Diary?

Premium content to our readers interested in all things business.

Check Us Out!

Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.

About Millenium Alliance Next

About Digital Diary

Created to provide premium content to our readers interested in all things business.

Launched in 2017, Digital Diary was created to provide premium content to our readers interested in all things business. With our blogs catered to deliver the top news stories, trends, and interviews from across all industries.

Read all story Next

Millennium Alliance Membership

Learn More Next

What does it mean to be a Millennium Member? In the midst of the constant disruption across all industries, our members are given the tools they need to digitally transform their organizations and become the best leaders they can be. Millennium Members are provided the exclusive opportunity to attend our 40+ intimate in person and virtual Assemblies, take part in industry-leading Executive Education sessions conducted by the nation’s leading academic institutions, business leaders, and technology providers and receive industry leading content through our Digital Diary Platform as well as the rapidly growing #MillenniumLive Podcast Series.