Is Your Organization Ready to Be a Data Driven Enterprise?
According to McKinsey Global Institute companies that are data-driven are 23 times more likely to win customers and six times more likely to keep them and 19 times more likely to earn a profit. This level shows that leveraging data is a key strategic goal for the majority of organizations. But becoming a data driven business is more than investing in automation and technology; it involves transforming your culture and changing the way you think and work. This requires the right leadership and team as well as a commitment to managing changes effectively.
How do you know whether your company is ready to transform into an information-driven enterprise?
A business driven by data is one that makes use of data to support every function and process. This includes improving the internal operations of business and providing more engaging experiences for customers. It also means making better, faster decisions and identifying and reducing financial risks.
To become a data-driven company your company must be able to take a holistic approach to data that encompasses strategy, governance, technology, security as well as people. This is only possible through having a page single, consistent source of truth. This is achieved by eliminating data silos, creating scalable data integration platforms that can perform the unified meta-data tracking process and democratizing access to data via self-service tools, learning journeys, and centralized meta-data tracking.
Embracing a data-driven culture also helps your business build confidence in the results of analytics. By establishing an attitude of data literacy and bringing up metrics often and early, your business can have more confidence in its outcomes and recognize opportunities for improvement earlier.