How to define information or data strategy?

Information or data strategy is a part of the overall corporate or business strategy. Information (including data) is an important strategic business asset. Thus, information assets should be managed and treated in the similar way as we manage other business assets. An actionable information strategy is required to for the effective handling of information across the enterprise, irrespective of their size, for achieving the business goals and reducing risk including compliance to regulatory requirements and standards.  

This post provides and discusses a simple and practical template for defining the information strategy as a part of the business or cooperate strategy. Information strategy can be defined at the ecosystem, enterprise, business function, business area or capability level as appropriate to your context and needs. Information strategy has following key 8 elements (Figure 1): Mission & Vision, Levers & Value Driver, Goals & Objective, Strategies & Tactics, Change, Strategic Architecture, Roadmap and Strategic Governance.  

Figure 1. Information Strategy V 2.0 (Asif Gill 2021)

Mission & Vision

It defines the purpose and aspiration vison for handling the information within the given context and scope. 

Levers & Value Drivers

It defines the levers, such as key capabilities; and value drivers, such as increase revenue, reduce cost, reduce risk, increase resilience to support the mission and vision.

Goals & Objective

Vision is further decomposed into information goals and related objectives. This could be further organised into different goal themes or areas.   

Strategies & Tactics

Strategies and tactics are defined using the information levers for achieving he information goals and objectives. 

Change

Threats and opportunities including information maturing and related performance levels are defined for the current and target states. Here, the focus is: What and where do we need to change?

Strategic Architecture

A high-level target state strategic information (data) architecture is defined to address the identified changes in alignment with the strategic goals. It also includes information subject area model, lifecycle, value chain, and operating model.

Roadmap

Strategic initiatives are configured into a roadmap for iteratively and incrementally achieving the desired information state.

Strategic Governance

Guiding principles are defined. Monitoring and adaptation mechanisms are established to oversee and facilitate the information strategy execution.

This post provides a quick overview of the information or data strategy template and its elements.