According to McKinsey Global Institute companies that are data-driven are 23 times more likely to gain customers and six times more likely to keep them, and 19 times more likely to earn a profit. This level of success makes it clear that using data to make decisions is now a top priority for many organizations. However, becoming a data-driven enterprise goes beyond investing in automation and technology, it involves changing your culture and changing the ways you think, work, and act. This requires the right team and leader as well as the commitment to implementing change efficiently.
How do you know if your company is ready to become an enterprise driven by data?
A business driven by data is one that uses data for every process and function. This includes achieving operational efficiencies through automated workflows, optimizing internal business operations and delivering more enjoyable customer experiences. This involves making faster, better decisions and identifying risks to financial stability and mitigating them.
To become a data-driven business, your organization needs to be able to take a holistic approach to data that covers strategy, technology, governance, skills, and people. The crucial element to this is having a single source of truth. This is achieved through eliminating data silos, creating high-performance data integration platforms that perform unidirectional meta-data tracking, as well as expanding access to data via self-service tools and learning journeys.
A data-driven culture helps your organization build confidence in the outcomes of analytics. By establishing a data literacy culture and discussing metrics frequently and early, your company will have greater confidence in its results and identify improvements earlier.
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