According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to attract customers, six times more likely to keep customers and 19 times more likely to be profitable. This level of success is a clear indication that harnessing data has become a strategic priority for many organizations. To be a data-driven company you must change your culture, alter the way you work and think, and invest in technology. This requires the right team and leadership as well as an intention to manage changes effectively.
How can you tell whether your company is prepared to move towards becoming a data-driven business?
A data-driven enterprise is one that utilizes data to improve every aspect of business and process. This includes enhancing the internal operations of business and providing more enjoyable experiences for customers. This includes making better, faster decisions, and identifying financial risks and mitigating them.
To be a data driven enterprise, your company needs to be able to see the whole picture of data, which encompasses strategy, governance, security technologies, skills and personnel. This is only possible by having a single, unifying source of truth. This is achieved by removing data silos and creating robust data integration platforms and implementing unified meta-data tracking and democratizing data access through self-service tools, learning journeys, and centralized meta-data tracking.
A data-driven culture helps your business gain confidence in the results of analytics. By creating an environment of data literacy and bringing up metrics often and early, your business can be more confident about its results and identify improvements earlier.