According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to attract customers, 6 times more likely to keep customers, and 19 times more likely to be profitable. This level of success is a clear indication that using data to improve business has become a key strategic goal for many companies. To become a data-driven organization it is necessary to change your culture, change your work habits and think and invest in technology. This requires the right team and leadership, as well as a commitment to managing changes in a way that is effective.

How can you tell whether your company is prepared to become an enterprise that is data driven?

A data-driven company is one that utilizes data for every function and process. This means achieving operational efficiencies through automated workflows, enhancing the efficiency of business operations within the company and delivering more engaging customer experiences. It also means making faster, better decisions and identifying and reducing financial risks.

To be a data-driven enterprise your business must be able to take a holistic approach to data that encompasses strategy, governance, technology, security and skills, as well as people. This is only possible by having a single, unifying source of truth. This is accomplished by eliminating data silos, creating robust data integration platforms and implementing unification of meta-data tracking, and democratizing access to data through self-service tools, learning journeys, and centralized meta-data tracking.

Adopting a data driven culture will also help your organization gain confidence in the analytics results. By creating the culture of data literacy, and addressing metrics frequently and early, your organization will have greater confidence in its outcomes and recognize opportunities for improvement earlier.

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