How to Develop Your Data Strategy for 2021


In an era where online data is forever expanding, and more people are joining the Internet than ever before, it is a good idea to have a plan to manage the massive amount of data available at any given time. Some businesses have yet to get on the data train and use the technology to its fullest, while other businesses are drowning in data. Having too little and too much data causes almost the same problem. It does not matter how or how little data you pull in if you don’t have a strategy to manage and use it. Far too many people are going “data blind” from poor planning, and bad data management approaches. Rather than write off data as too complicated and stick with the old ways or jump in with both feet before understanding how the system works, take the time to learn about data and how to develop a data strategy for 2021.

Why You Need A Data Strategy

Data Strategy

Less than five years ago, data was a precious commodity that not everyone had access to. Data is still a precious and highly valued resource but is turning into a currency with its level of proliferation across the digital world. However, the currency of data is only useful if you have an “engine” that can use it. There is far too much data for any one person, company, or program to manage. Looking at the vast amounts of data can be overwhelming or make you want to ditch the technology altogether, but that is where a data strategy and helpful programs, like Citrix Monitoring or social media scrapers, come in to help.

 A data strategy helps to keep collected data manageable, understandable, and useful. A reliable data strategy gives you so many more tools and ways to grow. Once you have a strategy to keep your data in line, you can use data to make evidence-based changes to improve business, better understand customer demographics and needs, find relevant trends you can take advantage of, improve internal operations and communication, and even monetize your collected data for extra profits. All of these benefits from data are incredible tools for a company, but you can only access those benefits through a data strategy.

What Problem Do You Want To Solve

The core use for data is solving problems, and your data strategy should reflect the problems you intend to solve with data. The first step is to clearly state what problems you are trying to solve. Narrow down what category, type, timeline, and any other details about the problem you can to determine what data will best help fix the issue. Do not fixate on volume instead of focusing on the useful data, even if the collected sheet isn’t as gargantuan as you would like. Pulling in extra data might be fun and look impressive, but you will soon be drowning in data you don’t need.

Plan what data points you need, how you will collect the data, store the data you need, who will have access, who can edit data, who will analyze the data, and how will the parsed data be used through the company or specific teams. The more you plan in advance, the better prepared you will be when data starts rolling in. Make sure everyone working with this data is on the same page and understands the goal.

Don’t Over Do It

data management

New technology is exciting, and seeing it in action can get the creative juices going. There are certainly ways to use data that have not been standardized, but you also run the risk of over-engineering and creating new problems with good intentions. Do not collect data just because you can and have the room to store it. Stay focused on your goal with data, and don’t stray from the agreed-upon path, or you may create problems that slow down the primary goal. Always present data with content; do not assume other people will understand your analysis and data strategy. When data is cherry-picked or presented poorly, it is far too easy to come to the wrong conclusions for the wrong reasons. Ensure the data you are focusing on and presenting is relevant to your goal or longer-term improvements.

Data is a wonderful new technological tool, but it is not user-proof and requires tools to wrangle it into a useful form. Before you start introducing mass data collection or analysis, take the time to make a data strategy, and plan your next actions. Start by thinking about what problem you want to solve, how this data connects to the overall business plans, and plan all the way through to where the data will be used. Be careful not to overdo it with data as too much and too little data ruins the system, which can bleed into other departments.

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