Is Your Organization Ready to Be a Data Driven Enterprise?
According to McKinsey Global Institute, companies that are driven by data are 23 times more likely to attract customers, 6 times more likely to retain them and 19 times more likely to earn profit. This level of success demonstrates that using data to make decisions has become a key strategic goal for many organizations. But becoming a data-driven enterprise is more than investing in technology and automation; it involves transforming your culture and changing the way you think about work, think, and behave. This requires the right leadership and team, as well as an unwavering commitment to implementing changes in a way that is effective.
How can you tell if your organization is ready to transform into an enterprise that is data driven?
A data-driven business is one that utilizes data for every process and function. This includes improving internal business operations and delivering more engaging experiences for customers. It also means making better, more efficient decisions, and identifying and reducing financial risks.
To be a data driven business, your company has to look at a holistic view of data, which encompasses security, strategy, governance technology, expertise, and personnel. The most important factor is having a single source of truth, which can be achieved by eliminating data silos, building powerful data integration platforms, which perform unified meta-data tracking, and increasing access to data through self-service tools and learning journeys.
Embracing a data-driven culture also helps your organization build trust in the results of analytics. By creating a culture of data literacy and discussing metrics frequently and frequently your company will have greater confidence in the results and be able to spot opportunities for improvement faster.