Data strategy in connected business models

From 2019 to 2024, the global volume of digital data generated or replicated annually almost quadrupled – a trend expected to persist (Tenzer, 2024). Technology companies are demonstrating how data is being used to generate revenue that often dwarfs physical assets. Neglecting data can put companies at a significant disad-vantage in the future, leaving them behind data-driven competitors. However, many companies do not utilize the majority of their data and face issues such as data breaches and data silos (DalleMule & Davenport, 2017). The key is to develop and implement data strategies. This blog post presents a categorization for data strategies and their relevance for digital companies and banks in particular.

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