According to McKinsey Global Institute companies that are data-driven are 23 times more likely to win customers and six times more likely to retain them and 19 times prone to make money. This level shows that leveraging data is a strategic priority for the majority of companies. To transform into a data-driven business you must change your culture, change the way you work and think, and invest in technology. This requires a strong team and leadership, as well as the commitment to implementing change effectively.
How can you tell whether your company is ready to become an information-driven enterprise?
A data-driven business is one that utilizes data to transform every aspect of business and process. This includes enhancing internal business operations and creating more enjoyable experiences for customers. It also means making better, faster decisions and identifying and mitigating financial risks.
To be a data driven enterprise, you need to look at a holistic view of data, which includes strategy, governance, security, technology, skills, and personnel. The primary factor in this is having a single source of truth. This can be achieved by eliminating data silos, constructing robust data integration platforms that perform unified meta-data tracking, and making data accessible to everyone through self-service tools and learning journeys.
Adopting a data-driven culture can also help your company gain confidence in the results of your analytics. By creating a culture of data literacy and discussing metrics early and often your business will have greater confidence in the results and be able to spot opportunities for improvement much sooner.
Leave a Reply