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Data-Driven Decision Making - 5 Basic Steps l SisenseCouncil Post: How To Adopt A Data-Driven CultureData-Driven Decision Making: A Step-by-Step Guide [2023] • AsanaCulture at AccentureWhat is the purpose of a company's data strategy?
(a) to collect, store, manage, share, and use data
(b) to monitor data usage to manage infrastructure budgets
(c) to set up its IT infrastructure to collect data
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Global Delivery Network(d) to market and sell its collected data to users
Answer:
The correct option is option (a) to collect, store, manage, share, and use data
Explanation:
- A data strategy aids by ensuring efficient management and use of data. The project goals and objectives establish a consistent set of goals and objectives by ensuring that data is used effectively and efficiently across projects.
- A data strategy helps with the most effective management and use of data.
- By guaranteeing that data is utilised effectively and efficiently throughout projects, the project objectives establish a consistent set of goals and objectives.
Goals of a data strategy.
- Data analytics strategy, which includes actions like these, is a term sometimes used to describe the process of using data to gain insights.
To obtain a comprehensive picture of customers
To be informed about the company's internal development
Forecasts for the products or services in the future
- Provide the customer with a more intelligent and personalised product or experience
- To make or improve the data management system, making sure that the data is of high quality and is also highly available (which is part of data quality strategy), including privacy and security of the data. To enhance internal processes, collaborations, and operations of various projects in the organisation.
Hence, we can say that the purpose of a company's data strategy is to collect, store, manage, share, and use data.
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