What is Data Strategy?
A data strategy is the plan for how an enterprise will handle any data. E.g. collect, store, manage and use the data. It also helps in improving data management across organization. A data strategy should be should be specific and actionable and at the same time can also be adjusted as per circumstances.
Business benefits of data strategy
- Enhances business decision making
- Helps mitigating risks
- Enables fraud risk management
- Helps making data an integral part of the business