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 prone to make money. This level shows that using data to improve your business is a strategic priority for most organizations. But becoming a data driven enterprise is more than investing in technology and automation, it involves changing your culture and changing the way 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 efficiently.

How do you know if the business is on the right track to becoming an information-driven business?

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

In order to be a data-driven organization, your organization needs to adopt a holistic approach data that covers strategy governance, technology, security as well as people. The key to this is having a single source of truth, which is achieved by removing data silos, creating robust data integration platforms, which perform the unified tracking of meta-data, and democratizing access to data through self-service tools and learning journeys.

Adopting a data driven culture will also help your organization gain confidence in the results of analytics. Through creating a culture of data literacy and discussing metrics frequently and regularly your organization will be more confident in the results and will be able to recognize opportunities for improvement earlier.

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