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 gain customers, six times more likely to keep customers and 19 times more likely to earn profit. This level of performance is clear that leveraging data is now a major goal for many organizations. To become a data-driven organization, you need to transform your culture, alter your work habits and think and invest in technology. This requires the right leadership and team and a strong commitment to orchestrating changes effectively.

What can you do to determine whether your company is ready to become a data-driven business?

A data-driven organization is one that makes use of data to improve every aspect of business and process. This includes achieving operational efficiency by automating workflows, enhancing the efficiency of business operations within the company and delivering more engaging customer experiences. This means making better, quicker decisions and identifying risks to financial stability and mitigating them.

To become a data-driven company your business must be able to take a holistic approach to data that encompasses strategy, governance, technology, security and human resources. The key to this is having a single source of truth, which is achieved through eliminating data silos, constructing high-performance data integration platforms that perform unified meta-data tracking, and making data accessible to everyone through self-service tools and learning journeys.

The adoption of a data-driven mindset helps your business build confidence in the outcomes of analytics. Through creating a culture of data literacy and discussing metrics frequently and frequently your organization will have greater confidence in the results and will be able to recognize opportunities for improvement earlier.