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 customers, 6 times more likely to keep customers, 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. But becoming a data driven enterprise is more than just investing in technology and automation; it requires changing your culture and changing the ways you think and work. This requires the right team and leadership, as well as an ability to manage change effectively.

How can you tell whether your company is ready to become an information-driven enterprise?

A data-driven company is one that uses data to transform every aspect of business and process. This includes enhancing internal business operations as well as creating more engaging experiences for customers. This includes making better, faster decisions, and identifying financial risks and mitigating them.

To be a data driven enterprise, your business needs to take a holistic view of data, which encompasses security, strategy, governance technologies, skills and personnel. This is only possible through having a single, unified source of truth. This is accomplished by removing data silos and creating scalable data integration platforms, performing unified meta-data tracking and democratizing access to data via self-service tools, learning journeys and centralized meta-data tracking.

Adopting a data driven culture will also help your organization build trust in the results of your analytics. Through creating a culture of data literacy and talking about metrics early and often your organization will have greater confidence in the results and be able to spot opportunities for improvement earlier.

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