According to McKinsey Global Institute companies that are data-driven are 23 times more apt to attract customers, six times more apt to Clicking Here retain them and 19 times prone to be profitable. This level of success makes it clear that harnessing data has become a key strategic goal for many organizations. To be a data-driven company it is necessary to change your culture, change the way you work and think, and invest in technology. This requires the right team and leadership as well as a strong commitment to orchestrating the changes efficiently.
How do you know if your firm is ready to transform into a data-driven enterprise?
A data-driven business is one that uses data to support every process and function. This includes enhancing internal business operations and delivering 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 the company needs to adopt a holistic approach data that covers strategy technology, governance as well as people. This is only possible through having a single source of truth. This is accomplished by eliminating data silos and creating high-performance data integration platforms, performing unification of meta-data tracking and democratizing data access through self-service tools, learning journeys, and centralized meta-data tracking.
Adopting a data driven culture will also help your business build trust in the results of analytics. By establishing an environment of data literacy and discussing metrics frequently and early, your business can have more confidence in its results and identify improvements earlier.