The most important business asset today is data. In addition, data in general is a key component in the global digital transformation, including artificial intelligence, the Internet of Things and other advanced technologies. It is possible to get all benefits from business information resources with the help of a smart approach and data management strategy.

What is Big Data?

Transactional and customer data existed before computers and databases. With computers advent it has been possible to greatly simplify the accessing data process and organize it using spreadsheets and databases. Now users have access to certain data at the mouse click.

Users generate a huge data amount every day. Data amount that is generated every 2 days corresponds to the data amount created from the beginning of time until the year 2000.

This growth is due to the fact that almost every user’s action leaves a digital footprint. Any user action on the Internet, GPS usage, music or weather forecast searching are recorded. Development companies and retailers collect data and use it to achieve competitive advantage. However, it can be done effectively with a big data strategy.

Big data strategy

Investing in analytics and technology must be competent. Before investment planning it is necessary to understand particular business needs. The first and important step is to develop a big data strategy. The strategy provides comprehensive answers about how the data collection process will work in practice and what data type is needed to achieve business goals. The constant data growth makes it more complex. It is possible to link the information assets of business to its goals using a big data strategy.

Not all data that company owns can be equally valuable. Therefore, the strategy development process should start by identifying use cases for the data. 3 – 5 scenarios – the right amount for all size companies. An effective big data strategy must align with the company’s goal. Linking to the strategic goal ensures that the business team has the right focus.

Key use cases for data:

• understanding customers and their behavior;
• developing smarter products and services;
• internal processes improvement;
• revenue increase through data monetization.

It makes sense to identify several scenario options that will lead to a quick result and several options per year. This approach will help demonstrate the business value of the data.

Developing the strategy should consider the following:

1. Requirement for data: definition of the data type, collecting and storing method;
2. Data management: determining the current state of data quality, security, access, ownership, ethics and confidentiality;
3. Technologies: an appropriate infrastructure to support the entire data management process (collection, storage, processing, analysis, transmission of information);
4. Skills and opportunities: determining team’s knowledge and skills level, training needs and expert attraction;
5. Implementation and change management: management support.