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 key strategic goal for the majority of companies. However, becoming a data-driven business is more than investing in automation and technology; it involves transforming 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 leader, as well as the commitment to implementing change effectively.
How do you know if your firm is ready to transform into an information-driven business?
A data-driven company is one that makes use of data for every function and process. This includes achieving operational efficiency http://www.codaten.de/2020/05/02/eine-analyse-fur-datenorientierte-unternehmen-fur-sitzungssale/ through automated workflows, optimizing the efficiency of business operations within the company and delivering more engaging customer experiences. It also means making better, faster decisions, as well as identifying and reducing financial risks.
To become a data-driven company the company needs to have a holistic approach to data that covers strategy, governance, technology, security, skills, and people. The primary factor in this is having one source of truth. This can be achieved by eliminating data silos, constructing scalable data integration platforms, which perform unidirectional meta-data tracking, as well as expanding access to data via self-service tools and learning journeys.
Adopting a more data-driven culture can also help your company gain confidence in the results of your analytics. By establishing an attitude of data literacy and talking about metrics often and early, your business can be more confident about its outcomes and recognize improvements earlier.