How to Unlock the Value of Your Data: Six Design Guidelines for Implementing Data Strategies

Companies struggle to exploit the value of their data. Data strategies define the scope and provide a roadmap for a company’s data management. However, most companies remain behind the curve. Based on structured expert interviews, we provide six design guidelines for implementing data strategies. They are applicable across industries and at all levels of a company’s data management: (1) Define effectiveness as the overarching project goal. In doing so, focus on better insights by leveraging advanced analytics for big data. (2) Implement data strategies across the company, ideally with a board member’s commitment. (3) Create diverse project teams. IT should not be the sole project leader. (4) Follow a top-down project approach, supplemented by quick wins covering a company’s current pain points. (5) Ensure data quality, integrate your data then, and assign roles and responsibilities. (6) There is no one size fits all. Accordingly, consider digital technologies and align them with your information system backbone.