Advanced analytics is driving disruption across many industries. It provides the capability for organizations to gain a competitive advantage within their industry. To compete effectively with others in their vertical market, organizations need to move beyond historical, rear-view understandings of business performance and customer behavior and become more proactive. Organizations want to gain information and insight from data that enables them to detect patterns and trends, anticipate events, spot anomalies, forecast, and learn of changes in customer behavior so that actions can be taken that lead to desired business outcomes.
What is data strategy? It is the intentional action & prioritization plan to a) harness and integrate data and b) create and disseminate information/intelligence, which helps to further an organization’s mission. Different elements in strategy formulation (objective setting, environmental and organizational appraisal, strategic alternatives and choice to strategic plan) determines the course that organization adopts itself. Formulation and reformulation is a continuous process.