According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to attract customers, 6 times more likely to retain customers 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 organization you must change your culture, alter the way you work and think, and invest in technology. This requires a strong team and leadership and a commitment to orchestrating change effectively.
How can you tell if your company is in the right place to transition into an enterprise that is data-driven?
A business driven by data is one that uses data for every process and function. This means http://www.codaten.de/2022/04/27/5-crucial-software-options-for-setting-up-your-virtual-office/ achieving operational efficiencies by automating workflows, enhancing internal business operations and creating more enjoyable customer experiences. It also means making better, more efficient decisions and identifying and mitigating financial risks.
To become a data-driven business, your company has to take a holistic view of data, which encompasses strategy, governance, security technologies, skills and personnel. This can only be achieved by having a single source of truth. This is achieved by removing data silos, creating high-performance data integration platforms that can perform unification of meta-data tracking, 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 gain confidence in the results of analytics. By creating a culture of data literacy and discussing metrics frequently and frequently, your organization will be more confident in the results and be able to spot areas for improvement much earlier.