Comprising five critical components, such as data, tools, analytics techniques, collaboration, and documentation, a data strategy ensures the proper collection of data from various sources. Using the right tools and analytical techniques, a data strategy aids in the accurate processing of large data sets and generates critical insights that help decision-makers make the right decisions. The right data strategy KPIs also encourage frequent collaboration between various stakeholders as well as the documentation of policies, roadblocks, opportunities, and more.