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 proves that leveraging data is a major goal for most organizations. To become a data-driven enterprise you must change your culture, alter your work habits and think and invest in technology. It requires the right team and leader as well as a commitment to orchestrating change in a way that is effective.
How do you know whether your company is prepared to become an information-driven enterprise?
A data-driven organization is one that makes use of data to improve every aspect of business and process. This includes achieving operational efficiencies through automated workflows, optimizing the efficiency of business operations within the company and delivering more enjoyable customer experiences. It also means making better, faster decisions, and identifying and reducing financial risks.
To be a data driven enterprise, your business needs to be able to see the whole picture of data, which encompasses strategy, governance, security, technology, skills, and personnel. The most important factor is having one source of truth, which is achieved by removing data silos, developing scalable data integration platforms, which perform unified meta-data tracking, and democratizing access to data through self-service tools and learning journeys.
Embracing a data-driven culture also helps your business gain confidence in the results of analytics. By creating the culture of data literacy, and addressing metrics frequently and early, your organization can have more confidence in its results and be able to identify improvement opportunities earlier.