How To Create a Successful Data Strategy
A completed research article drawing on one or more CISR research projects that presents management frameworks, findings, and recommendations
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 executives and 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.
MIT SLOAN CENTER FOR INFORMATION SYSTEMS RESEARCH
Founded in 1974 and grounded in the MIT tradition of rigorous field-based research, MIT CISR helps executives meet the challenge of leading dynamic, global, and information-intensive organizations. Through research, teaching, and events, the center stimulates interaction among scholars, students, and practitioners. More than ninety firms sponsor our work and participate in our consortium.