To handle this data as a corporate asset, businesses first need to develop a data strategy. To do so, executives should understand how “data mature” their organization is. The four stages of data maturity include:
Once your organization’s level of data maturity has been assessed and identified, you can begin to develop a strategy that will support data management. This data-rich and technology-enabled strategy will be at the core of your organizations operation, effectively providing a competitive advantaging and leading to eventual success. Moreover, according to Ravi Ganesan, Chief Executive Officer of Core Solutions, Inc., “Data informed decision making means you must take action. You have to use the data, and you must empower the staff to do so also.”