According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to acquire customers, 6 times more likely to retain them, and 19 times more likely to make money. This level of success proves that leveraging data is a strategic priority for most organizations. But becoming a data-driven enterprise is more than investing in automation and technology; it involves transforming your culture and changing the ways you think and work. It also requires a change in how you behave. This requires a strong team and leader, as well as an ability to manage change effectively.
How do you know if your firm is ready to transform into an information-driven business?
A data-driven company is one that utilizes data to support every process and function. This means achieving operational efficiencies through automated workflows, optimizing the efficiency of business operations within the company and creating more enjoyable customer experiences. This includes making faster, better decisions and identifying risks to financial stability and mitigating them.
To be a data driven enterprise, your company needs to take a holistic view of data, which encompasses security, strategy, governance technology, expertise, and personnel. The key to this is having a single source of truth. This is achieved by removing data silos, constructing high-performance data integration platforms that provide unification of meta-data tracking and making data accessible to everyone through self-service tools and learning journeys.
Embracing a data-driven culture also helps your business gain confidence in the results of analytics. Through creating a culture of data literacy and discussing metrics often and frequently your company will have more confidence in the results and http://www.codaten.de/2021/07/08/generated-post-2/ be able identify opportunities for improvement earlier.