According to McKinsey Global Institute companies that are data-driven are 23 times more likely to acquire customers, six times more apt to keep them, and 19 times prone to earn a profit. This level of performance is clear that using data to make decisions has become a strategic priority for many organizations. To transform into a data-driven business, you need to transform your culture, change the way you work and think and invest in technology. This requires the right team and leadership, as well as a strong commitment to orchestrating changes effectively.
What can you do to determine whether your company is prepared to transform into an information-driven enterprise?
A data-driven organization is one that makes use of data to transform every business function and process. This includes achieving operational efficiency through automated workflows, improving internal business operations and creating more enjoyable customer experiences. It also involves making faster, better decisions and identifying and reducing financial risks.
To become a data-driven enterprise, your business needs to be able to see the whole picture of data, which includes security, strategy, governance technologies, skills and personnel. This is only achievable by having a single, consistent source of truth. This is achieved by removing data silos, establishing robust data integration platforms that perform the unified meta-data tracking process and democratizing accessing data via 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 its analytics. Through establishing a culture that promotes data literacy and talking about metrics often and frequently your organization will be more confident in the results and be able to spot opportunities for improvement earlier.