Gartner predicts that by 2022, 90% of corporate strategies will include information as a critical enterprise asset. This information propels many companies to embark on their digital transformation journey.

Companies are utilizing technology to understand customer expectations and enhance business performance, but overlook the data which is the foundation of digital transformation. They need to intelligently manage the data before starting with Cloud Computing or Artificial Intelligence initiatives. Many times halfway through the transition, the enterprises realize that they missed the key performance indicator (KPI) data. Such mid-way realizations often palsy the digital transformation process.

Being data-driven is about making conscious decisions considering the available data. Though the catalyst for digital transformation varies from industries to companies, the main data strategy drivers to ensure business success are

• Combine Business and IT perspectives: A common data strategy ensures alignment in business and IT departments’ direction. They will understand the needs, capabilities, and priorities of each other and adopt a ‘business-led/technology-enabled’ approach to digital transformation.
• Plan a Reskill/Upskill program: With technology capabilities on the evolution mode, the skill shortage will intensify and employees will lack the essential skills to stay competitive at the organization level. It’s not just about helping the employees but about growing and staying relevant in the business.
• Align different stakeholders to leverage data asset: The comprehensive data strategy allows having master data as a ‘single source of truth’ and the base across business systems. This reduces redundancy and confusion and provides consistency. It also reduces operational costs while improving performance and propels better decision making.
• Define key result areas and objectives at different organizational levels: The data strategy emphasizes consistency in measuring, evaluating, and tracking the different initiatives across the organization.
• Reduce technology liability: The data strategy needs to consider the current data environments and operations into account while guiding innovation; with minimal disruption to ongoing business operations.

The companies need to develop a robust data strategy before delving into the digital transformation process. Strong, actionable data sets the base for technology engines to work smarter and provide actionable insights.