According to McKinsey Global Institute companies that are data-driven are 23 times more likely to win customers, six times more apt to keep them and 19 times more likely to be profitable. This level of success is a clear indication that using data to improve business has become a strategic priority for many companies. But becoming a data-driven enterprise is more than just investing in automation and technology; it requires changing your culture and changing the way you think, work, and act. It requires the right team and leaders, as well as an ability to manage change effectively.
How do you determine if your company is in the right place to transition into an enterprise driven by data?
A business driven by data is one that utilizes data to support every process and function. This includes enhancing internal business operations and creating more engaging experiences for customers. It also means making better, more efficient decisions, as well as identifying and reducing financial risks.
To be a data driven enterprise, your company needs to take a holistic view of data, which encompasses strategy, governance, security technology, skills, and personnel. The primary factor in this is having a single source of truth. This is achieved through eliminating data silos, building powerful data integration platforms that provide unification of meta-data tracking and making data accessible to everyone through self-service tools and learning journeys.
A data-driven culture helps your organization build confidence in the outcomes of analytics. By establishing an attitude of data literacy http://www.codaten.de/2021/12/29/generated-post-3 and bringing up metrics often and early, your business will have greater confidence in its outcomes and recognize opportunities for improvement earlier.