As large, established organizations transform to compete in the digital economy, they must rethink longstanding approaches to data. Inside the firm, digital business strategies require adjustments to data technology, processes, and mindsets. Outside the firm, changing regulations, evolving innovations, and shifting consumer perceptions and expectations make data “dos and don’ts” much less clear.
Amidst this change and uncertainty, at MIT CISR we believe organizations must establish a data strategy to clarify and communicate their desired next-gen data approaches. In Q1 2018, members of the MIT CISR Data Research Advisory Board ("the MIT CISR Data Board")—a research forum composed of data executivesand MIT CISR research scientists—discussed what exactly creating and implementing an effective data strategy involves.
The following article is a synthesis of the open discussions. It defines data strategy, describes the MIT CISR Data Board and its recent data strategy collaboration, and shares four important principles that emerged from our Q1 board discussion.