According to McKinsey Global Institute companies that are data-driven are 23 times more apt to acquire customers, six times more apt to retain them and 19 times more likely to be profitable. This level of success proves that using data to improve your business is a top priority for the majority of organizations. To become a data-driven enterprise you must change your culture, alter your work habits and think, and invest in technology. This requires the right leadership and team as well as the ability to manage changes efficiently.
How can you tell if your business is on the right track to becoming an information-driven business?
A data-driven organization is one that utilizes data to transform every aspect of business and process. This includes achieving operational efficiency through automated workflows, improving internal business operations and delivering more engaging customer experiences. It also means making faster, better decisions and identifying and mitigating financial risks.
To be a data driven enterprise, your business needs to take a holistic view of data, which includes strategy, governance, security technology, skills, and personnel. This is only achievable by having a single source of truth. This is accomplished by removing data silos and creating high-performance data integration platforms that perform unification of meta-data tracking, and democratizing access to data via self-service tools, learning journeys, and centralized meta-data tracking.
Adopting a more data-driven culture can help your business gain confidence in the results of your analytics. By creating the culture of data literacy, and bringing up metrics often and early, your organization will be more confident in its results and identify improvement opportunities much earlier.