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 customers, 6 times more likely to keep customers and 19 times more likely to succeed. This level of success shows that leveraging data is a major goal for most organizations. To become a data-driven enterprise it is necessary to change your culture, alter your work habits and think, and invest in technology. This requires the right team and leadership, as well as an unwavering commitment to implementing changes in a way that is effective.
How do you determine if your business is on the right track to becoming an information-driven business?
A data-driven enterprise is one that uses data for every function and process. This includes enhancing internal business operations as well as creating more engaging experiences for customers. This includes making faster, better decisions, and identifying financial risks and reducing them.
In order to be a data-driven organization the company needs to be able to take a holistic approach to data that encompasses strategy, technology, governance as well as people. The most important factor is having one source of truth. This is achieved by removing data silos, developing scalable data integration platforms that perform unidirectional meta-data tracking, as well as making data accessible to everyone through self-service tools and learning journeys.
Adopting a data-driven culture aids your company in building confidence in the results of analytics. Through creating a culture of data literacy and discussing metrics often and frequently your organization will be more confident in the results and will be able to recognize opportunities for improvement earlier.