Is Your Organization Ready to Be a Data Driven Enterprise?

According to McKinsey Global Institute companies that are data-driven are 23 times more apt to win customers and six times more likely to keep them and 19 times more likely to make money. This level shows that using data to improve your business is a major goal for the majority of companies. To be a data-driven company you must change your culture, alter your work habits and think and invest in technology. This requires the right leadership and team as well as a strong commitment to orchestrating changes in a way that is effective.

How do you know whether your business is ready to become an information-driven enterprise?

A data-driven enterprise is one that uses data to improve every aspect of business and process. This includes achieving operational efficiencies through automated workflows, improving the efficiency of business operations within the company, and creating more engaging customer experiences. It also involves making faster, better decisions and identifying and try here mitigating financial risks.

To be a data driven enterprise, your business needs to be able to see the whole picture of data, which encompasses security, strategy, governance technology, expertise, and personnel. The most important factor is having one source of truth, which is achieved by removing data silos, creating powerful data integration platforms that can perform unidirectional meta-data tracking, as well as expanding access to data via self-service tools and learning journeys.

Adopting a data driven culture can also help your company gain trust in the results of your analytics. By creating a data literacy culture and bringing up metrics often and early, your business can be more confident about its results and be able to identify improvement opportunities much earlier.

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