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 customers, six times more likely to retain them, and 19 times more likely to earn profit. This level of performance is clear that harnessing data is now a major goal for many organizations. However, becoming a data-driven business is more than investing in technology and automation; it requires changing your culture and changing the ways you think and work. It also requires a change in how you behave. This requires the right leadership and team as well as the ability to manage changes effectively.

How do you know whether your company is prepared to transform into a data driven enterprise?

A business driven by data is one that utilizes data http://www.codaten.de/2022/04/27/5-crucial-software-options-for-setting-up-your-virtual-office for every function and process. This means achieving operational efficiencies through automated workflows, optimizing internal business operations and delivering more engaging customer experiences. It also means making faster, better decisions, as well as identifying and reducing financial risks.

To be a data driven enterprise, your company needs to be able to see the whole picture of data, which includes security, strategy, governance technology, expertise, and personnel. The most important factor is having one source of truth. This can be achieved by eliminating data silos, constructing robust data integration platforms that perform unification of meta-data tracking and expanding access to data via self-service tools and learning journeys.

Adopting a more data-driven culture will also help your business gain trust in the results of its analytics. Through establishing a culture that promotes data literacy and talking about metrics frequently and regularly your company will have greater confidence in the results and be able identify opportunities for improvement much sooner.