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As 2020 dawned, the quantum of computing data in the world was estimated to be 44 zettabytes. A zettabyte is 1,000 bytes to the seventh power. In other words, one zettabyte has 21 zeros. A number that will have chopped off at least five sentences of this blog.
Social media sites, business houses, financial institutions, medical facilities, shopping platforms, automakers, and online activities of myriad kind generate such humongous data. Businesses are analyzing/studying this big data for insights that will improve their decision-making skills; such deep knowledge will also be a key input in strategic moves.
Google, Apple’s Siri, iWatch, iTunes or Netflix have tasted success in their respective businesses with the help of Big Data and analytics. How these companies do this is simple? Data on how, when, and where their products and services are used is continuously scrutinized to improve upon user experience and finally, provide the most comfortable and logical experience possible. With the steady influx of an insane amount of data, businesses need to adopt or operationalize a Data Strategy Framework to keep their data pipeline on track and to avoid being overwhelmed.
Data-driven strategies are the key to making better business decisions. Click here to read more.
Businesses use data strategy frameworks to develop a set of procedures and tools. These processes are indispensable for effective leveraging of data and analytics within their organization.
This blog offers in-depth, specific help to business organizations in developing a workable and focused data strategy framework. This methodical approach will help businesses collect, store, analyze, and manage data. Use SlideTeam’s Top 5 Data Strategy Framework Templates to lay the groundwork for your data practices. These templates will assist your company in navigating an ever-expanding pool of internal and external data sources.
Explore our guide on Qualitative and Quantitative Data Analysis for Research Proposal to get actionable insights to create the right results (getting funded) from your research proposals.
Shape your business strategy and direction in an increasingly competitive, data-rich marketplace with SlideTeam’s best-in-class PowerPoint Templates!
Template 1: Data Strategy Framework Showing Operational Analysis PPT
Do you want to test the viability of your business idea? Use this PPT Template to create a data management plan to manage and interpret big data. This data analytics tool will aid in the operational analysis of your company's strategy. It includes elements such as enhanced customer insight, risk compliance management, information security, data exploration, and financial network analytics to gain meaningful insights into business operations. Use the PowerPoint Presentation to identify resources needed to start operations as well as your planned business activities.
Template 2: Data Management Framework with Business Strategies Template
Get critical insights from your business data that will allow you to make informed business decisions. Use this PowerPoint Template to propose a data management framework along with business strategies for increasing data literacy. The illustration can be used to create a data ecosystem for managing data-related people, processes, policies, and culture. It provides information on business requirements alignment, leveraging, coordinating, data inventory, and so on. These strategies will allow smart data analytics to support management decisions and improve financial performance.
Template 3: Big Data Strategy Framework Showing Process and Outcome PPT
Create a database planning effort to manage a company’s information assets. Use this PowerPoint Template to learn about big data strategy framework, as well as its process and outcomes. This data strategy will assist you in communicating necessary structure, process, and outcome to explore your company's analytic capabilities and data ecosystem. Identify strategic goals and provide a clearer picture of the benefits of the proposed Big Data project. Key metrics included in the slide are data strategy, data plan, and data management. Save it now!
Template 4: Data Strategy Framework Showing Business Needs with Current State PPT
Use this PPT Template to create a data strategy roadmap to assess your company’s current structure, culture, capabilities, and processes. It includes sub-parts such as business needs, current state, strategic data imperatives, and a roadmap to create an accurate, holistic picture of what remains to be accomplished and where gaps exist. Use the PowerPoint Presentation to create a baseline for measuring risk compliance and improvements.
Template 5: Artificial Intelligence Future Data Strategy Framework
AI can help businesses achieve their strategic goals. Use this PPT Template to incorporate data management and artificial intelligence into your business processes. The slide covers AI priorities and development focus areas to maximize Return on Investment (RoI). Use the PowerPoint Presentation to implement an AI framework to create business systems that can make intelligent choices. This will assist you in hiring the right talent and defining the AI operating model your company needs for improved results.
Navigate through data-rich marketplace.
Data is now essential for decision making and generating revenue. Create an effective data strategy framework to improve all aspects of your company's data acquisition, management, storage, sharing. Use these presentation templates to see your business vision transform into a thriving and profitable enterprise. Use the PowerPoint Templates from SlideTeam to align your business and data priorities. This will assist your company in developing a clear and attainable data strategy.
PS: Explore our guide on Data Strategy Roadmap for managing your organization's information assets.
FAQs ON DATA STRATEGY FRAMEWORK
What is a data strategy framework?
A data strategy framework is a blueprint for analyzing and interpreting data within a business. This structure comprises well-defined software, mechanisms, and people to manage an organization's information assets. The framework is essential to gather, organize, and use data in line with business objectives and acquire value proposition for an organization.
Strategies can be used to improve operational effectiveness, productivity, and decision-making processes, and to create new revenue opportunities and efficient user engagement.
What should a data strategy include?
The following are critical components of any data strategy:
- Data: This is the most important component for helping organizations fulfill their potential. Integrate and process your data to create a tactical short-term and long-term plan of initiatives for your company's growth.
- Tools: Data management tools are useful for creating data visualizations, dashboards, and reports that provide businesses with a complete picture. These tools enable organizations to assess people skills and data and analytics-related organizational processes.
- Analytics tools: To provide a thorough understanding of data governance, analytics tool such as predictive analytics, text analytics, sentiment analysis, and cluster analysis are available.
- Collaboration: To share and discuss data management, collaborative tools such as file sharing, enterprise chat, messaging, and video conferencing are used.
- Documentation and auditing: Successful data strategies are built on the ability to answer four questions about any aspect of the plan and any resource it incorporates (data, tools, etc.). It consists of acceptability, approval, purpose, and governance policy. It aids us in determining adherence to data governance policies and other data standards.
- People: Data-literate employees such as data architects, data integration developers, data engineers, database administrators, and other data management professionals play an important role in meeting business needs.
What are types of data strategies?
Data strategy is critical for improving internal processes, alliances, and project operations across the organization. The two types of data strategies used in organizations are as follows:
- Defense strategies: It is all about minimizing risk and ensuring information integrity. It includes activities that protect your business, such as rule and regulation compliance, vulnerability detection and elimination in the system, and so on.
- Offense strategy: It aids in the growth of your company by focusing on increasing revenue, profitability, and customer satisfaction through the intelligent use of information and data analytics. Managerial decisions matter most at this stage. These are better suited for departments that deal with customers, such as sales and marketing.
