According to McKinsey Global Institute companies that are data-driven are 23 times more likely to win customers and six times more likely to retain 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 companies. However, becoming a data-driven enterprise is more than investing in technology and automation; it involves transforming your culture and changing the way you think and work. It also requires a change in how you behave. It requires the right team and leader, as well as an intention to manage change efficiently.
How do you know if your company is in the right place to transition into an enterprise driven by data?
A business driven by data is one that utilizes data for every process and function. This means achieving operational efficiencies by automating workflows, enhancing the efficiency of business operations within the company and delivering more engaging customer experiences. This includes making better, quicker decisions and identifying http://www.codaten.de/2020/05/22/analytics-fur-datenorientierte-unternehmen/ risks to financial stability and mitigating them.
To become a data-driven business, your company has to be able to see the whole picture of data, which encompasses strategy, governance, security technologies, skills and personnel. The primary factor in this is having a single source of truth, which is achieved by removing data silos, developing powerful data integration platforms that perform the unified tracking of meta-data, and expanding access to data via self-service tools and learning journeys.
Adopting a more data-driven culture will also help your business build trust in the results of your analytics. By establishing a data literacy culture and bringing up metrics often and early, your business will be more confident in its results and be able to identify improvements earlier.