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Data Infrastructure: Tips for Success
‘Data First’ is becoming a priority for many companies.
Thomas Davenport, a frequent contributor to Harvard Business Review and professor at Babson College, said that having a data-first strategy is like “having a heat-seeking missile approach to data analytics and AI.”
But, how do you do it? A survey of businesses on the path to implementing a data-first strategy list the following elements:
- Improve Data Infrastructure – 72%
- Upskill staff data capabilities – 65%
- Invest in Artificial Intelligence and Machine Learning technologies – 59%
Data Infrastructure ranks as the most important element needed, but what do businesses need to do to create a strong data infrastructure?
In an article for VentureBeat, Michael Katz, CEO of MParticle, outlines essential components organizations need to consider when attempting to invest and build out their data infrastructure:
- Develop a strategy to collect first-party data
- Define risks and vulnerabilities to those risks
- Implement a data architecture with the goal of making the business more resilient
- Establish well-defined workflows for escalation and governance
- Treat your data as a product
Katz told VentureBeat that “success requires collaboration among teams, a cultural willingness to embrace change, proper incentives, and the right workflows. More specifically, it starts with creating a first-party data strategy that aligns data collection requirements with business goals and outcomes. It requires a commitment to actively investing in protecting and improving data quality and establishing a governance framework up front.”
