According to McKinsey Global Institute, companies that are driven by data are 23 times more likely to gain customers, six times more likely to retain them, and 19 times more likely to earn profit. This level of performance shows that using data to improve your business is a major goal for most organizations. To become a data-driven organization you must change your culture, alter your work habits and think, and invest in technology. This requires a strong team and leaders as well as a commitment to orchestrating change in a way that is effective.
What can you do to determine whether your company is ready to become an enterprise that is data driven?
A data-driven business is one that uses data to improve every business function and process. This includes achieving operational efficiencies through automated workflows, improving internal business operations and creating more enjoyable customer experiences. This involves making better, quicker decisions, and identifying financial risks and mitigating them.
To become a data-driven business, your company has to look at a holistic view of data, which includes security, strategy, governance, technology, skills, and personnel. This is only achievable by having a single, unifying source of truth. This is accomplished by removing data silos, establishing high-performance data integration platforms, performing the unified meta-data tracking process and democratizing access to data through self-service tools, learning journeys and centralized meta-data tracking.
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 frequently and frequently your business will be more confident in the results and be able identify areas for improvement much earlier.