According to McKinsey Global Institute companies that are data-driven are http://www.codaten.de/2020/05/22/analytics-fur-datenorientierte-unternehmen 23 times more likely to attract customers and six times more likely to keep them, and 19 times more likely to make money. This level of success makes it clear that harnessing data is now a top priority for many organizations. But becoming a data-driven business is more than investing in automation and technology, it requires changing your culture and changing the way you think, work, and act. This requires the right team and leadership and an unwavering commitment to implementing changes in a way that is effective.

What can you do to determine whether your company is prepared to move towards becoming a data-driven business?

A data-driven enterprise is one that makes use of data to improve every business function and process. This means achieving operational efficiencies through automated workflows, optimizing the efficiency of business operations within the company and creating more enjoyable customer experiences. It also involves making faster, better decisions, and identifying and reducing financial risks.

To become a data-driven business, your company has to be able to see the whole picture of data, which includes security, strategy, governance technologies, skills and personnel. The crucial element to this is having a single source of truth, which is achieved through eliminating data silos, creating powerful data integration platforms that can perform unification of meta-data tracking and expanding access to data via self-service tools and learning journeys.

Adopting a culture that is driven by data can also help your company build trust in the results of its analytics. Through creating a culture of data literacy and discussing metrics early and often, your organization will have greater confidence in the results and be able to spot opportunities for improvement faster.