According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to attract customers, 6 times more likely to keep them, and 19 times more likely to make money. This level shows that leveraging data is a key strategic goal for the majority of organizations. However, becoming a data-driven enterprise goes beyond investing in automation and technology; it requires transforming your culture and changing the ways you think and work. This requires the right leadership and team, as well as an unwavering commitment to implementing the changes efficiently.
How do you determine if your business is on the right track to becoming an enterprise that is data-driven?
A data-driven organization is one that uses data to improve every business function and process. This includes achieving operational efficiencies through automated workflows, optimizing internal business operations and delivering more enjoyable customer experiences. It also means making faster, better decisions, and identifying and reducing financial risks.
To become a data-driven enterprise, you need to be able to see the whole picture of data, which encompasses strategy, governance, security technology, skills, and personnel. The key to this is having one source of truth, which is achieved by removing data silos, constructing scalable data integration platforms that perform unidirectional meta-data tracking, as well as democratizing access to data through self-service tools and learning journeys.
Adopting a culture that is driven by data will also help your organization gain confidence in the results of analytics. By creating a culture of data literacy and talking about metrics frequently and regularly your organization will be more confident in the results and be able identify opportunities for improvement faster.