According to McKinsey Global Institute companies that are data-driven are 23 times more likely to gain customers, six times more apt to keep them, and 19 times more likely to be profitable. This level of success proves that leveraging data is a strategic priority for many organizations. To be a data-driven company you have to change your culture, alter your work habits and think, and invest in technology. It requires the right team and leader as well as an intention to manage changes effectively.
How do you know if the firm is ready to transform into a data-driven enterprise?
A data-driven company is one that uses data to improve every aspect of business and process. This includes improving internal business operations and creating more enjoyable experiences for customers. It also means making faster, better decisions and identifying and mitigating financial risks.
To be a data-driven enterprise, your organization needs to be able to take a holistic approach to data that covers content strategy, governance, technology, security and human resources. The crucial element to this is having one source of truth, which is achieved by removing data silos, developing powerful data integration platforms that perform unidirectional meta-data tracking, as well as increasing access to data through self-service tools and learning journeys.
Adopting a data driven culture can also help your company gain confidence in the results of your analytics. By creating the culture of data literacy, and bringing up metrics often and early, your company will be more confident in its results and identify improvements earlier.