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 attract customers, six times more likely to retain them and 19 times more likely to make money. This level of success is a clear indication that harnessing data has become a strategic priority for many organizations. To be a data-driven company you have to change your culture, change the way you work and think, and invest in technology. This takes the right team and leadership as well as the commitment to implementing change effectively.

How can you tell if your organization is ready to become a data driven enterprise?

A data-driven enterprise is one that utilizes data to support every process and function. This includes improving internal business operations and creating more enjoyable experiences for customers. It also involves making faster, better decisions and identifying and reducing financial risks.

To become a data-driven business, your organization needs to have a holistic approach to data that includes strategy, technology, governance, skills, and people. The most important factor is having a single source of truth, which is achieved through eliminating data silos, building robust data integration platforms, which perform unified 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 organization gain trust in the results of analytics. Through creating a culture of data literacy and talking about metrics frequently and regularly your company will be more confident in the results and be able identify opportunities for improvement much sooner.

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