According to McKinsey Global Institute companies that are data-driven are 23 times more likely to attract customers and six times more likely to keep them, and 19 times prone to make money. This level of success demonstrates that using data to make decisions has become a key strategic goal for many organizations. To be a data-driven company it is necessary to change your culture, change the way you work and think, and invest in technology. This requires the right team and leaders, as well as the commitment to implementing change effectively.
What can you do to determine whether your company is prepared to become an information-driven enterprise?
A data-driven enterprise is one that utilizes data to support every process and function. This includes enhancing the internal operations of business and providing more engaging experiences for customers. It also means making faster, better decisions, and identifying and reducing financial risks.
To be a data driven enterprise, your business needs to have a comprehensive view of data, which encompasses security, strategy, governance, technology, skills, and personnel. This is only possible through having a single source of truth. This is accomplished by removing data silos, establishing efficient data integration platforms that can scale that can perform unification of meta-data tracking, and democratizing accessing data via self-service tools, learning journeys and centralized meta-data https://codaten.de/2022/08/12/best-virtual-data-room-providers-for-the-secure-storing-and-sharing-of-critical-information tracking.
A data-driven culture helps your organization build confidence in the results of analytics. Through creating a culture of data literacy and talking about metrics early and often your business will be more confident in the results and will be able to recognize opportunities for improvement faster.