Is Your Organization Ready to Be a Data Driven Enterprise?

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 gain customers, 6 times more likely to keep them and 19 times more likely to earn profit. This level of success proves that leveraging data is a key strategic goal for most organizations. To become a data-driven enterprise you have to change your culture, alter the way you work and think, and invest in technology. This requires the right team and leadership, as well as the commitment to implementing change in a way that is effective.

How do you determine if your company is in the right place to transition into an information-driven business?

A data-driven business is one that makes use of data to improve every aspect of business and process. This means achieving operational efficiencies through automated workflows, optimizing the efficiency of business operations within the company, and creating more engaging customer experiences. This includes making better, faster decisions, and identifying financial risks and mitigating them.

To become a data-driven business, your company has to take a holistic view of data, which includes strategy, governance, security technologies, skills and personnel. The most important factor is having one source of truth, which is achieved through eliminating data silos, developing robust data integration platforms that perform unified meta-data tracking, and democratizing access to data through self-service tools and learning journeys.

The adoption of a data-driven mindset aids your company in building trust in the results of analytics. By creating the culture of data literacy, and bringing up metrics often and early, your company will have greater confidence in its results and identify improvement opportunities much earlier.