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 be profitable. This level of success shows that leveraging data is a top priority for the majority of organizations. To be a data-driven company you have to change your culture, change the way you work and think, and invest in technology. This requires the right leadership and team and the ability to manage changes effectively.
How can you tell whether your company is prepared to move towards becoming an enterprise that is data driven?
A data-driven enterprise is one that utilizes data to transform every business function and process. This includes improving internal business operations and delivering more enjoyable experiences for customers. It also means making faster, better decisions, and identifying and reducing financial risks.
To become a data-driven enterprise, your business needs to look at a holistic view of data, which encompasses security, strategy, governance technologies, skills and personnel. The key to this is having one source of truth, which can be achieved by eliminating data silos, building robust data integration platforms that perform unidirectional meta-data tracking, as well as expanding access to data via self-service tools and learning journeys.
Adopting a more data-driven culture will also help your organization gain trust in the results of analytics. By creating an environment of data literacy and discussing metrics frequently and early, your organization can have more confidence in its outcomes and recognize opportunities for improvement earlier.