This is an excerpt from the lecture 'What is data strategy and why do organizations need it?', given by Boyan Angelov at the virtual conference Experience AI 2.0. Watch the full video to hear his thoughts on why data strategy is going wrong today, the stages of data strategy, the skills of a data strategist, etc.
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Data is a company's most valuable asset, along with its products, services, people with intellectual property, etc. But it goes without saying that a plan is also needed to fully utilize this data. Because technology is developing so quickly, many companies feel the need to keep up with these developments. Many are therefore diving into new data options and investing in new technologies and fancy analyzes that may not always be suitable for their business. This, in turn, could hinder the purpose of their business as it does not allow users to make the most of data.

A data strategy for your organization helps define your top data priorities and determine the best path to achieve your goals. This means being aware of the data you obtain, why you need it, how you store and evaluate the data, etc. The goal is to dive deep into the needs of the business and design an actionable strategy based on what is available.

Boyan Angelov gives his speech on this topic. He provides an overview of the 'Elements of Data Strategy' for ensuring value delivery for Data products. /"Just hiring data scientists is not enough/

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