Is Your Organization Ready to Be a Data Driven Enterprise?

According to McKinsey Global Institute companies that are data-driven are 23 times more apt to win customers, six times more apt to keep them and 19 times prone to make money. This level of success proves that using data to improve your business is a strategic priority for the majority of companies. However, becoming a data-driven enterprise is more than investing in technology and automation; it involves transforming your culture and changing the ways you think about work, think, and behave. This requires a strong team and leader, as well as a commitment to orchestrating change effectively.

How do you determine if your company is ready to become an enterprise driven by data?

A data-driven business is one that utilizes data to support every process and function. This includes enhancing internal business operations and creating more engaging experiences for customers. It also means making better, more efficient decisions, and identifying and reducing financial risks.

To become a data-driven business your company must have a holistic approach data that encompasses strategy, governance, technology, security, skills, and people. This can only be achieved by having a single, consistent source of truth. This is achieved by eliminating data silos, developing high-performance data integration platforms and implementing unified meta-data tracking and democratizing data access through self-service tools, learning journeys and centralized meta-data tracking.

Adopting a data-driven culture can also help your company gain trust in the results of its analytics. By establishing an attitude of data literacy and bringing up metrics often and early, your business can be more confident about its results and spot improvement opportunities much earlier.

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