According to McKinsey Global Institute, companies that are data driven are 23 times more likely customers, 6 times more likely to keep customers and 19 times more likely to earn profit. This level of success is a clear indication that harnessing data is now a major goal for many organizations. However, becoming a data-driven enterprise is more than just investing in technology and automation; it involves transforming your culture and changing the ways you think, work, and act. This takes the right team and leadership and an intention to manage changes effectively.
How can you tell if your business is on the right track to becoming an enterprise that is data-driven?
A data-driven company is one that makes use of data to support every process and function. This includes enhancing internal business operations as well as creating more enjoyable experiences for customers. This means making better, quicker decisions, and identifying financial risks and mitigating them.
To become a data-driven business, your company has to take a holistic view of data, which encompasses security, strategy, governance technology, skills, and personnel. The primary factor in this is having one source of truth, which can be achieved by eliminating data silos, constructing scalable data integration platforms that provide unification of 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 outcomes of analytics. By creating a culture of data literacy and discussing metrics frequently and frequently your company will have more confidence in the results and will be able to recognize opportunities for improvement what are the top five applications much sooner.