In this series on Data Strategy, we covered 5 ‘W’s of Data Strategy and ‘How To Deliver Data Strategy In 4 Steps’. In this article, we’ll cover the various components of Data Strategy. I believe that Data Strategy document should include all or at least some of these components:
Background / Context:
This section should articulate background that necessitated the Data Strategy in the first place. Examples could be: Corporate strategic direction, Digital Transformation initiative, or mergers & acquisition related context etc.
The sole purpose of Data Strategy is to unlock business value and this section should articulate the value being unlocked both quantitatively and qualitatively. The business case is probably the toughest one but a necessary one.
This section identifies specific Data Strategy related goals and ideally in a SMART fashion (Specific, Measurable, Agreed upon, Realistic, Time-based)
This section connects the strategy with tactics with a roadmap on how the strategy will be implemented over a period of time.
Risks and Success factors:
Strategy should directly address various risk factors and success enablers (or accelerators). Time and time again, change management is either a major risk or success enabler if not thought through in a detailed fashion so make sure to address it head on in this section.
What good is a strategy if it doesn’t have budget estimates. My advice is to be realistic and as comprehensive as possible. If you take short cuts to get a strategy approved, it’s just a matter of time before it comes back to bite you.
Key Performance Indicators (KPIs) and Metrics:
To ensure that the strategy is either on track or needs to be adjusted, identify KPIs that need to be tracked on a short term and long term basis.
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