According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to acquire customers, 6 times more likely to retain them and 19 times more likely to earn profit. This level of success demonstrates that harnessing data has become a key strategic goal This Site for many organizations. But becoming a data driven enterprise goes beyond investing in automation and technology; it involves changing your culture and changing the ways you think and work. It also requires a change in how you behave. This requires the right team and leadership as well as a strong commitment to orchestrating the changes efficiently.
How do you determine if your business is on the right track to becoming an enterprise driven by data?
A data-driven company is one that makes use of data to transform every aspect of business and process. This includes achieving operational efficiencies through automated workflows, improving internal business operations and delivering more enjoyable customer experiences. It also means making faster, better decisions and identifying and reducing financial risks.
To become a data-driven enterprise, your company needs to be able to see the whole picture of data, which includes security, strategy, governance technology, expertise, and personnel. The primary factor in this is having one source of truth. This can be achieved by eliminating data silos, constructing high-performance 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 help your business gain confidence in the analytics results. By creating an environment of data literacy and addressing metrics frequently and early, your business will be more confident in its results and be able to identify improvements earlier.