In August 2022, MyCustomer published FlexMR's exploration of how immersive data strategies are able to influence business decisions. In the article, you'll find an introduction to the difference between basic and immersive data strategies, the benefits of both and the challenges faced by those who undertake the creation of a truly impactful immersive data strategy.
Ultimately, data strategies are the key to attaining the right data, as well as managing the flow and protecting its use throughout its lifecycle within an organisation. But there are different levels of data strategies depending on the span of the strategy and how deep it reaches within the organisation.
The Impact of Immersive Data
A data strategy is the collection of all an organisation’s data processes and practices forming a solid foundation for data generation, security, and distribution within a business - but there are different levels of data strategy one might choose from.
The most basic data strategies will ensure that key stakeholders adhere to data security practices, make it harder for any misuse of personal data and increase the flow of data around the organisation all at the very least. Then there is the opposite end of the spectrum, the more immersive data strategies that encompass all aspects of a business and helps to make data the central point of contact for all those who make decisions.
Exploring Challenges and Solutions
When creating a data strategy from the very beginning, the work it takes to create and implement a truly impactful immersive data strategy can be daunting - and for good reason. There is a significant amount of work that goes into creating a fully immersive data strategy, from conducting a full evaluation of the current state of the business and plotting a trajectory to the most desired future, taking into account technology, resources and the overall reception expected from the rest of the organisation.
For those companies who do not have the resources to dedicate to this, or are unwilling to dedicate those resources, starting with a basic strategy is key. This will get the ball rolling in the right direction, and with time they can build it up into a truly immersive strategy bit by bit.
However, even with the basic strategy there is still one key challenge within this process that will hinder the success of any data strategy, and that is educating stakeholders on the value of research and data. Without their support, all the work will have not just no impact at all, but could introduce a negative impact.
To find out more about immersive data strategies, and how you can drive better business decisions, read the full article on MyCustomer now.
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