According to McKinsey Global Institute companies that are data-driven are 23 times more likely to win customers and six times more likely to keep them and 19 times more likely to make money. This level of success makes it clear that leveraging data is now a major goal for many organizations. To be a data-driven company it is necessary to change your culture, change your work habits and think and invest in technology. This requires the right leadership and team as well as a commitment to managing changes in a way that is effective.
What can you do to determine whether your company is ready to become an information-driven enterprise?
A data-driven company is one that makes use of data to improve every aspect of business and process. This means achieving operational efficiencies through automated workflows, optimizing the efficiency of business operations within the company and delivering more enjoyable customer experiences. This includes making better, quicker decisions, and identifying financial risks and reducing them.
To be a data driven enterprise, your business needs to be able to see the whole picture of data, which encompasses security, strategy, governance technology, expertise, and personnel. The most important factor is having one source of truth. This is achieved by removing data silos, constructing powerful data integration platforms that can perform unification of meta-data tracking and democratizing access to data through self-service tools and learning journeys.
Adopting a data-driven culture will also help your business gain confidence in the results of its analytics. Through creating a culture of data literacy and talking about metrics often and frequently, your organization will be more confident in the results and be able to identify opportunities for improvement earlier.