Data is now woven into every sector and function in the global economy, and, like other essential factors of production such as hard assets and human capital, much of modern economic activity simply could not take place without it. The concept of Data Analysis — large pools of data that can be brought together and analyzed to discuss patterns and make better decisions — will become the basis of competition and growth for individual firms, enhancing productivity and creating significant value for the world economy by reducing waste and increasing the quality of products and services.
Data masters start with reviewing the business’s strategic priorities, from growth (generating new revenue) to operational performance (improving cost efficiency or
improving sustainability). They then delve deeper into the strategic issue to define the data strategy and approach. For instance, when the objective is to enhance client acquisition by X% in a year, the data strategy could be to improve the quality of leads fed into the lead management system or to make comprehensive leads data available to sales teams.
