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 succeed. This level of success shows that leveraging data is a key strategic goal for the majority of organizations. However, becoming a data-driven business is more than investing in automation and technology, it involves changing your culture and changing the way you think, work, and act. This takes the right team and leaders as well as a commitment to orchestrating changes effectively.
How do you know if your firm is ready to transform into an information-driven business?
A data-driven enterprise is one that utilizes data to transform every aspect of business and process. This includes improving internal business operations and delivering more engaging experiences for customers. This means making faster, better decisions and identifying financial risks and reducing them.
To become a data-driven business your business must have a holistic approach data that covers strategy technology, governance and skills, as well as people. The primary factor in this is having one source of truth. This is achieved by removing data silos, developing scalable data integration platforms that perform unification of meta-data tracking and expanding access to data via self-service tools and learning journeys.
A data-driven culture helps your business gain confidence in the results of analytics. Through creating a culture of data literacy and discussing metrics frequently Clicking Here and regularly your organization will have greater confidence in the results and be able to identify opportunities for improvement much sooner.