According to McKinsey Global Institute, companies that are driven by data are 23 times more likely customers, six times more likely to keep customers and 19 times more likely to be profitable. This level of performance is clear 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 technology and automation, it requires transforming your culture and changing the way you think and work. It also requires a change in how you behave. This requires the right team and leadership and an unwavering commitment to implementing changes effectively.
What can you do to determine if your organization is ready to become a data driven enterprise?
A business driven by data is one that uses data to support every function and process. This includes achieving operational efficiency through automated workflows, improving the efficiency of business operations within the company and delivering more enjoyable customer experiences. It also involves making better, faster decisions and identifying and mitigating financial risks.
To become a data-driven business your company must be able to take a holistic approach to data that includes strategy, governance, technology, security and skills, as well as people. This can only be achieved by having a single, unified source of truth. This is accomplished by eliminating data silos, creating efficient data integration platforms that can scale that perform the unified meta-data tracking process and democratizing access to data through self-service tools, learning journeys, and centralized meta-data tracking.
Adopting a more data-driven culture can also help your company gain trust in the results of its analytics. By creating an attitude of data literacy and talking about metrics often and early, your organization can be more confident about its results and be able to identify opportunities for improvement earlier.