According to McKinsey Global Institute companies that are data-driven are 23 times more likely to attract customers, six times more apt to keep them, and 19 analytics for data-driven companies times prone to be profitable. This level of performance is clear that harnessing data is now a major goal for many organizations. To transform into a data-driven business you must change your culture, change your work habits and think and invest in technology. This requires the right leadership and team and the ability to manage changes in a way that is effective.
How do you know if the company is ready to become an information-driven business?
A data-driven business is one that makes use of data to transform every aspect of business and process. This includes improving internal business operations and delivering more enjoyable experiences for customers. This includes making better, quicker decisions, and identifying financial risks and reducing them.
To become a data-driven enterprise, your company needs to look at a holistic view of data, which includes strategy, governance, security technology, expertise, and personnel. This can only be achieved by having a single, consistent source of truth. This is accomplished by removing data silos, establishing high-performance data integration platforms, performing 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 will also help your business gain confidence in the results of its analytics. Through establishing a culture that promotes data literacy and talking about metrics frequently and frequently your organization will have greater confidence in the results and be able to spot opportunities for improvement faster.