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 attract customers, six times more likely to retain them and 19 times more likely to make money. This level of performance shows that using data to improve your business is a strategic priority for most organizations. But becoming a data-driven enterprise is more than just investing in automation and technology; it requires changing your culture and changing the ways you think, work, and act. It requires the right team and leaders, as well as a commitment to orchestrating changes effectively.

How can you tell whether your company is prepared to move towards becoming a data driven enterprise?

A data-driven business is one that utilizes data to support every function and process. This means achieving operational data-driven enterprise efficiencies through automated workflows, optimizing the efficiency of business operations within the company and creating more enjoyable customer experiences. This means making better, faster decisions and identifying financial risks and mitigating them.

To become a data-driven business the company needs to adopt a holistic approach data that encompasses strategy, governance, technology, security and human resources. This can only be achieved by having a single source of truth. This is achieved by removing data silos and creating efficient data integration platforms that can scale and implementing unified meta-data tracking and democratizing accessing data via self-service tools, learning journeys, and centralized meta-data tracking.

Adopting a data-driven culture will also help your organization gain trust in the results of its analytics. By creating an attitude of data literacy and discussing metrics frequently and early, your company will be more confident in its results and be able to identify opportunities for improvement earlier.