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According to McKinsey Global Institute, companies that are driven by data are 23 times more likely to acquire customers, 6 times more likely to retain them and 19 times more likely to earn profit. This level of performance is clear that using data to improve business has become a strategic priority for many companies. To become a data-driven enterprise, you need to transform your culture, alter the way you work and think and invest in technology. This requires the right leadership and team, as well as the ability to manage changes in a way that is effective.
How can you tell if your company is in the right place to transition into an enterprise driven by data?
A business driven by data is one that uses data to support every function and process. This means achieving operational efficiencies through automated workflows, improving internal business operations, and creating more engaging customer experiences. This means making better, quicker decisions and identifying risks to financial stability and reducing them.
To become a data-driven business, your company has to be able to see the whole picture of data, which includes strategy, governance, security technology, skills, and personnel. The key to this is having a single source of truth, which can be achieved by eliminating data silos, creating powerful data integration platforms that provide unified meta-data tracking, and democratizing access to data through self-service tools and learning journeys.
Adopting a data driven culture can help your business gain confidence in the analytics results. By creating an attitude of data literacy and addressing metrics frequently and early, your organization will have greater confidence in its results and identify improvement opportunities earlier.