According to McKinsey Global Institute companies that are data-driven are 23 times more likely to gain customers and six times more likely to retain them and 19 times prone to make money. This level of performance shows that using data to http://www.codaten.de/2021/07/08/generated-post/ improve your business is a key strategic goal for the majority of companies. But becoming a data driven enterprise goes beyond investing in automation and technology; it requires transforming your culture and changing the ways you think and work. It also requires a change in how you behave. This takes the right team and leaders and a commitment to orchestrating change in a way that is effective.
How do you know if your company is ready to become an information-driven business?
A data-driven enterprise is one that utilizes data to improve every aspect of business and process. This includes improving internal business operations as well as creating more engaging experiences for customers. This includes making faster, better decisions, and identifying financial risks and mitigating them.
To be a data-driven enterprise, your organization needs to be able to take a holistic approach to data that includes strategy, technology, governance and skills, as well as people. This is only possible by having a single, consistent source of truth. This is achieved by removing data silos, establishing efficient data integration platforms that can scale that can perform unified meta-data tracking and democratizing access to data via self-service tools, learning journeys and centralized meta-data tracking.
Embracing a data-driven culture also aids your company in building confidence in the outcomes of analytics. By establishing an environment of data literacy and discussing metrics frequently and early, your business will be more confident in its results and spot improvements earlier.