Data is your company’s digital gold
Data has moved from a passive record to an asset as vital as land, machinery, or cash. In fact, it’s becoming one of the most valuable assets a company holds today. Just as traditional resources directly impact operations, data now sits at the core of efficient, forward-thinking businesses.
According to the International Federation of Accounting, data alone can account for up to 30% of a company’s market capitalization. Think about that—nearly a third of your company’s value could rest on how effectively you handle data. Despite this, a 2023 EY survey found that 35% of C-suite leaders at large organizations don’t even have a data strategy in place, and 45% are only just starting on one. That’s a huge missed opportunity.
When you see data as more than bits and bytes, when you leverage it for sharper decision-making and long-term value, you’re building an asset that appreciates with use. Companies that ignore this are flying blind.
AI will make data even more powerful
For AI to work at its best, it needs high-quality data. Generative AI has especially changed the game in the last couple of years, pushing data into the spotlight and making a well-structured data strategy even more important to have. Without one, companies risk lagging behind and losing real revenue, facing legal repercussions, or even damaging their brand.
These risks are real, not theoretical. A strong data strategy helps shield your company from these threats by making sure the data you’re using is reliable and actionable. If you think you can get by without it, just consider the pace of change in generative AI. The tech is moving fast, and companies without a data plan risk being left in the dust, while those who are ready for the AI revolution are set to see their data investments pay off exponentially.
Align your data strategy before it’s too late
Your data strategy shouldn’t be floating around without purpose, and must align directly with your business objectives to be effective. When data is used with clear intent, it becomes a driving force behind smarter decisions and sparks innovation by revealing patterns you might otherwise miss.
It also boosts operational efficiency, helping your teams manage resources more effectively and keep data quality high. Amidst fast-changing regulations, it’s also key to staying on the right side of legislation.
Finance and tax functions rely heavily on data integrity. These areas can’t afford any inaccuracies because they underpin core business operations. Here, having a data-driven model is a must-have for accuracy, compliance, and strategic planning. When your data strategy aligns with these business goals, it becomes a tool for moving your organization forward in a controlled, intelligent way.
The five-step blueprint to build a winning data strategy
Here’s how you can turn a scattered approach into a structured, high-impact strategy:
- Assess to identify: Start by understanding where you stand with data. Evaluate how it’s currently used across your systems and look for any gaps that need filling. A fit-gap analysis, especially for finance and tax functions, helps you spot what’s missing and turn those insights into an actionable plan.
- Source to collect: Once you have a roadmap, begin collecting data from all relevant sources. Pay close attention to quality, as accuracy, consistency, and timeliness are key. Decide if you’ll store data on-premises or in the cloud, and make sure you’re gathering what’s needed for reliable, decision-grade information.
- Integrate to process: This is where ETL (Extract, Transform, Load) processes come in. Convert your data into usable formats and integrate it from multiple sources. This stage preps data for smooth analysis and sharing, laying the groundwork for more advanced uses.
- Govern to manage: Policies are key here. Clear guidelines for quality, privacy, and security help keep data compliant and reduce risk. Appoint data stewards to oversee these processes and make sure everything runs smoothly across its lifecycle.
- Enable to action: Now, the data is ready to work for you. From analytics to advanced AI applications, you’re set to use this data for strategic planning and business intelligence. This is the stage where AI-driven insights can be used to predict trends and automate processes, adding measurable value across the board.
Each step feeds into the next, giving your strategy a clear, scalable foundation that adapts to your company’s needs over time. Step 5 (Enable to action) should feed insights back to Step 1 (Assess to identify) in a feedback loop, so you’re continuously optimizing your data approach. This then lets you refine what works, scrap what doesn’t, and keep up with new regulatory or technological changes.
Continuous improvement is how your data strategy stays relevant, scales with your business, and ultimately adapts to new demands. With this built-in evolution, you’re planning for today while making sure your strategy is also in sync with tomorrow’s needs.
Invest in data strategy now to stay ahead
Putting resources into a well-defined data strategy now means you’re setting your company up for agility and long-term advantage. With the right approach, you’ll be positioned to make the most of new AI tools, giving you a competitive edge as the market and AI tech evolves. A strong data foundation also fosters teamwork across departments—from IT to finance to executive leadership—everyone is aligned around shared, quality data.
When data supports every corner of the organization, it sparks innovation and keeps you ready for market changes. Companies that invest now are defining the future, staying adaptable, and leading in their fields.
