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 customers and 19 times more likely to make money. This level of success proves that leveraging data is a key strategic goal 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 about work, think, and behave. This takes the right team and leader, as well as an ability to manage change effectively.

How do you determine if your firm is ready to transform into an enterprise driven by data?

A data-driven enterprise is one that utilizes data to support every function 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. This involves making better, quicker decisions and identifying risks to financial stability and mitigating them.

To be a data driven enterprise, your business needs to take a holistic view of data, which encompasses security, strategy, governance, technology, skills, and personnel. The key to this is having a single source of truth, which is achieved by removing data silos, building scalable data integration platforms that can perform you could look here unification of meta-data tracking and making data accessible to everyone through self-service tools and learning journeys.

Adopting a data driven culture can help your business gain confidence in the analytics results. Through creating a culture of data literacy and talking about metrics frequently and frequently your company will have more confidence in the results and will be able to recognize opportunities for improvement earlier.