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Data Strategy

A data strategy is a plan for how a business will collect and use its data related to the business' goals. The dynamic process supports the acquisition, organization, analysis, and delivery of data in support of business objectives. Five critical components of an effective data strategy are identify, store, provision, process, and govern. In other words, businesses must identify their data, securely store the data, process it for analysis, and disseminate it as appropriate.

What Small and Midsize Businesses Need to Know About Data Strategy

SMBs should have a data strategy to gather and make use of all the information available to them that is relevant to business goals. For example, if the business strategy centers on customer relationships, then the critical business data would relate to customers. All businesses should consider financial transactions as critical business data to gather, since all businesses must understand their finances to achieve long-term success.

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