Businesses are collecting more data today than ever before. And to make sure that they know what to do with that data, they're likely going to need a data strategy roadmap. A data strategy roadmap is a tool designed to help businesses capitalize on one of their most valuable assets.
With a data strategy roadmap, you aren't just collecting data and using it when the time is right.
You're actively planning when and where you're going to put data to work, strategically activating and harvesting it.
This allows companies to utilize data in the most effective way possible. Without a data strategy roadmap, businesses are likely to wind up with more data than they can parse through. This eats up resources while providing few benefits. A data strategy roadmap is meant to prevent this from happening.
Okay, now that we have a definition, the next question is: how do you develop a data strategy roadmap?
There are three key components of a solid data strategy roadmap, the first of which is your data sources. Since this is where your data is tapped from, it's vital that your business has a thorough understanding of these sources and how they contribute to your overall strategy.
When developing your data strategy roadmap, you'll want to identify each of the sources that contribute to your pool of data, assess how valuable they are to your end goals, and label them accordingly.
The second component of a strong data strategy roadmap is knowing how, when, and why your data is being accessed. The goal here is to ensure that all data access builds towards your ultimate data strategy.
Lastly, you'll want to list all of your data analytic tools. This will clue you into the insights you're pulling from your data. That's important, as you want to make sure that your data is being used for crucial purposes at all times.