Is Your Organization Ready to Be a Data Driven Enterprise?

According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to acquire customers, 6 times more likely to keep them and 19 times more likely to make money. This level of success shows that leveraging data is a key strategic goal for the majority of companies. However, becoming a data-driven enterprise is more than just investing in automation and technology; it requires changing your culture and changing the way you think and work. This requires the right leadership and team and an unwavering commitment to implementing changes efficiently.

What can you do to determine whether your business is ready to become a data-driven business?

A data-driven business is one that utilizes data to improve every aspect of business and process. This includes achieving operational efficiencies through automated workflows, improving the efficiency of business operations within the company and delivering more engaging customer experiences. It also involves 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 includes security, strategy, governance technology, expertise, and personnel. This is only possible through having a single, consistent source of truth. This is achieved by removing data silos, establishing scalable data integration platforms and implementing unification of meta-data tracking, and democratizing accessing data via self-service tools, learning journeys and centralized meta-data tracking.

Embracing a data-driven culture also helps your organization build confidence in the results of analytics. Through creating a culture of data literacy and talking about metrics frequently and frequently, your organization will be more confident in the results and be able to spot areas for improvement much earlier.

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