According to McKinsey Global Institute companies that are data-driven are 23 times more apt to attract customers, six times more apt to keep them and 19 times more likely to earn a profit. This level of success is a clear indication that using data to improve business is now a top priority for many organizations. But becoming a data driven enterprise is more than just investing in automation and technology, 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 team and leadership, as well as a commitment to managing the changes efficiently.
How do you know if your company is in the right place to transition into a data-driven enterprise?
A data-driven enterprise is one that makes use of data to transform every aspect of business and process. This includes improving internal business operations as well as creating more engaging experiences for customers. This includes making faster, more effective decisions, and identifying financial risks and reducing them.
To become a data-driven company, your organization needs to have a holistic approach to data that encompasses strategy, technology, governance as well as people. This is http://www.codaten.de/2021/07/08/generated-post only achievable by having a single source of truth. This is accomplished by removing data silos, creating efficient data integration platforms that can scale that perform unification of meta-data tracking and democratizing access to data via self-service tools, learning journeys and centralized meta-data tracking.
Adopting a more data-driven culture can also help your company gain confidence in the results of your analytics. By creating the culture of data literacy, and discussing metrics frequently and early, your company will be more confident in its results and spot opportunities for improvement earlier.