Is Your Organization Ready to Be a Data Driven Enterprise?
According to McKinsey Global Institute companies that are data-driven are 23 times more likely to attract customers, six times more apt to keep them and 19 times more likely to earn a profit. This level of success demonstrates that leveraging data has become a strategic priority for many organizations. However, becoming a data-driven enterprise is more than investing in automation and technology; it requires changing your culture and changing the ways you think about work, think, and behave. This takes the right team and leader as well as a commitment to orchestrating changes effectively.
How can you tell if your firm is ready to transform into an enterprise that is data-driven?
A data-driven organization is one that utilizes data to improve every aspect of business and process. This includes enhancing internal business operations and creating more enjoyable experiences for customers. It also means making better, more efficient decisions and identifying and mitigating financial risks.
In order to be a data-driven organization your company must be able to take a holistic approach to data that includes strategy, governance, technology, security as well as people. This is only achievable by having a single source of truth. This is accomplished by removing data silos, creating high-performance data integration platforms that perform unification of meta-data tracking and democratizing data access through self-service tools, learning journeys, and centralized meta-data tracking.
Adopting a data driven culture can also help your company gain trust in the results of analytics. By creating a data literacy culture and addressing metrics frequently and early, your business will be more confident in its outcomes and recognize opportunities for improvement earlier.