#3 Data Strategy

The importance of data and its general growth has been detailed in the previous sections. The data strategy describes how data should be declared and managed as values. The data strategy includes all company details related to data, as they form the basis of all business processes and are thus a key factor in the success of the company. It can be noted that data is receiving the attention it deserves, at least in theory.

However, a comprehensive and uniform data strategy must be designed from scratch to put theory into practice. From a technical perspective, it has been the case until now that as little data as possible are created, stored, and made available for use. However, modern data strategy completely changes this view.

The data strategy is designed from as little as necessary to as much as possible. This means that the technical conditions must be adapted accordingly. These technical conditions are naturally dependent on all processes within a company. Therefore, for a modern data strategy, the entire IT landscape, business processes, roles, and goals of a company must be carefully adjusted.

This adjustment and management of data and its dependencies in a company are collected under the umbrella term data management and described in the next chapter.