According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to gain http://www.codaten.de/2021/12/29/generated-post-4/ customers, 6 times more likely to keep customers and 19 times more likely to earn profit. This level of performance is clear that leveraging data has become a key strategic goal for many organizations. But becoming a data driven enterprise is more than just investing in technology and automation, it requires transforming your culture and changing the ways you think and work. This requires the right team and leadership, as well as an unwavering commitment to implementing the changes efficiently.
How do you know if the business is on the right track to becoming a data-driven enterprise?
A data-driven company is one that uses data to improve every business function and process. This includes enhancing internal business operations and creating more engaging experiences for customers. This includes making better, faster decisions, and identifying financial risks and reducing them.
To become a data-driven company the company needs to adopt a holistic approach data that covers strategy, technology, governance as well as people. The primary factor in this is having one source of truth. This is achieved through eliminating data silos, creating high-performance data integration platforms, which perform unidirectional meta-data tracking, as well as democratizing access to data through self-service tools and learning journeys.
Adopting a data-driven culture helps your business gain trust in the results of analytics. By creating a culture of data literacy and talking about metrics frequently and regularly, your organization will be more confident in the results and be able to spot opportunities for improvement much sooner.