A data strategy is a plan for how a company will move from hindsight driven decisions to data-driven foresight decisions. The strategy defines the steps to collect, store, manage and use data; it is not an exclusively technical plan but one that addresses people, culture and process. It creates the foundation for all data-related activities and sets out how insights gleaned from the data will be used to achieve business goals.
A good data strategy should be driven by your overall business strategy. Therefore, the first step in any data strategy is to consider your organisation’s strategic priorities and key business value drivers. Only then can you identify how you might use data to help you deliver those priorities and uncover real business value.
Essentially, the data strategy answers this question: what is your business trying to achieve and how can data help you get there?