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According to McKinsey Global Institute companies that are data-driven are 23 times more apt to gain customers, six times more apt to keep them and 19 times more likely to be profitable. This level of success demonstrates that leveraging data is now a major goal for many organizations. But becoming a data-driven enterprise is more than investing in automation and technology; it involves changing your culture and changing the way you think and work. This requires the right team and leadership, as well as the ability to manage changes effectively.
How can you tell if your organization is ready to transition into a data-driven business?
A data-driven company is one that makes use of data to support every process and function. This includes enhancing internal business operations as well as creating more enjoyable experiences for customers. It also means making better, more efficient decisions and identifying and reducing financial risks.
To become a data-driven business, your company has to have a comprehensive view of data, which includes security, strategy, governance, technology, skills, and personnel. The primary factor in this is having one source of truth. This is achieved by removing data silos, developing robust data integration platforms that can perform the unified tracking of meta-data, and increasing access to data through self-service tools and learning journeys.
The adoption of a data-driven mindset aids your company in building trust in the results of analytics. Through establishing a culture that promotes data literacy and talking about metrics early and often your company will have more confidence in the results and will be able to recognize opportunities for improvement faster.