A data strategy defines how a company collects, stores, manages, and uses its data to systematically derive value from it. It encompasses technical architecture, organizational responsibilities, and a concrete implementation plan.

Companies need a data strategy as soon as data is no longer only used within individual departments but becomes relevant across the organization. Without a strategy, data silos emerge, reports contradict each other, and AI projects fail due to poor data quality. In the financial sector, regulatory pressure adds another dimension: BaFin, GDPR, and the EU AI Act demand traceable data flows and documented data quality.