Explain the "V's" of big data.
Discuss the role of data strategy in an organization.
Describe the principle components of effective data strategy.
Identify common gaps in data strategy.
Big data are large, hard-to-manage volumes of data that inundate businesses on a
day-to-day basis.
● Volume - How much data are coming to us
● Velocity - How quickly data are coming to us
● Variety - What kidneys of data are coming to us
● Veracity - How accurate or credible data are
● Value - Whether the data have value to us
Defining Data Strategy
Data strategy is a framework for prioritizing and leveraging data as an asset to advance
the strength and success of an organization.
The Need for Data Strategy
Data strategy advances objectives to:
● Promote operational effectiveness and efficiency
● Retain and grow revenue
● Reduce risk
● Drive innovation
,The Need for Data Strategy
And over time:
● Data assets proliferate
● Organizations expand and grow more complex
● Analytic tools advance
Practical Realities
Organizations face common problems with data:
● The V’s of big data
● Data stored in different sources
● Data stored in different structures/formats
● Data used differently by different business users
● Current reality dominated by history
, Data Governance
Policies and practices that govern how we use and maintain data as a strategic asset
for the organization.
Effective data governance requires:
● A designated decision-making body
● Formal data dictionaries and descriptions of data architecture
● Individuals designated to provide stewardship
Data governance draws upon:
● Strategic planning
● Change management
● IT management
Data governance is:
● A long-term strategic plan
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