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Working Paper: Research Article

How To Create a Successful Data Strategy

At MIT CISR we believe organizations must establish a data strategy to clarify and communicate their desired next-gen data approaches.
By the MIT CISR Data Research Advisory Board 
RESEARCH ARTICLE

A completed research article drawing on one or more CISR research projects that presents management frameworks, findings, and recommendations

Abstract

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.

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MIT CENTER FOR INFORMATION SYSTEMS RESEARCH (CISR)

Founded in 1974 and grounded in MIT's tradition of combining academic knowledge and practical purpose, MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises more than seventy-five organizations.

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AlixPartners
Avanade
Axway, Inc.
Collibra
IFS
Pegasystems Inc.
The Ogilvy Group
MIT CISR Sponsors
Alcon Vision
Allstate Insurance Company
Amcor
ANZ Banking Group (Australia)
AustralianSuper
Banco Bradesco S.A. (Brazil)
Banco do Brasil S.A.
Bank of Queensland (Australia)
Barclays (UK)
BlueScope Steel (Australia)
BNP Paribas (France)
Bupa
CarMax
Caterpillar, Inc.
Cemex (Mexico)
Cencora
CIBC (Canada)
Cochlear Limited (Australia)
Commonwealth Superannuation Corp. (Australia)
Cuscal Limited (Australia)
CVS Health
Dawn Foods
DBS Bank Ltd. (Singapore)
Doosan Corporation (Korea)
Fidelity Investments
Fomento Economico Mexicano, S.A.B., de C.V.
Fortum (Finland)
Genentech
General Mills, Inc.
Gilbane Building Co.
Henkel AG & Co. (Germany)
Johnson & Johnson (J&J)
Kaiser Permanente
King & Wood Mallesons (Australia)
Koç Holding (Turkey)
Mercer
Nasdaq, Inc.
NN Insurance Eurasia NV
Nomura Holdings, Inc. (Japan)
Nomura Research Institute, Ltd. Systems Consulting Division (Japan)
Novo Nordisk A/S (Denmark)
OCP Group
Pacific Life Insurance Company
Posten Bring AS (Norway)
Principal Life Insurance Company
QBE
Ramsay Health Care (Australia)
Raytheon Technologies
Scentre Group Limited (Australia)
Schneider Electric Industries SAS (France)
Stockland (Australia)
Tabcorp Holdings (Australia)
Telstra Limited (Australia)
Terumo Corporation (Japan)
Tetra Pak (Sweden)
Truist Financial Corporation
UniSuper Management Pty Ltd (Australia)
Uniting (Australia)
USAA
Webster Bank, N.A.
Westpac Banking Corporation (Australia)
WestRock Company
Wolters Kluwer
Xenco Medical
Zoetis Services LLC

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MIT CISR wishes to thank all of our associate members for their support and contributions.

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