According to McKinsey Global Institute companies that are data-driven are 23 times more likely to attract customers, six times more apt to keep them, and 19 times more likely to be profitable. This level shows that using data to improve your business is a key strategic goal for many organizations. To transform into a data-driven business it is necessary to change your culture, change your work habits and think, and invest in technology. This requires the right team and leadership and an intention to manage change in a way that is effective.
How do you determine if your company is in the right place to transition into a data-driven enterprise?
A data-driven business is one that uses data to improve every business function and process. This includes improving internal business operations and creating more enjoyable experiences for customers. It also involves making better, more efficient decisions, and identifying and reducing financial risks.
In order to be a data-driven organization your company must adopt a holistic approach data that includes strategy, governance, technology, security as well as people. This is only possible through having a single, unifying source of truth. This is achieved by eliminating data silos and creating high-performance data integration platforms that perform unification of meta-data tracking and democratizing data access through self-service tools, learning journeys and centralized meta-data tracking.
Embracing a data-driven culture also helps your business build confidence in the outcomes of analytics. Through establishing a culture that promotes recommended you read data literacy and discussing metrics often and frequently your business will have greater confidence in the results and will be able to recognize areas for improvement much earlier.