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 succeed. This level shows that leveraging data is a key strategic goal for the majority of companies. To be a data-driven company you have to change your culture, change the way you work and think and invest in technology. This requires the right leadership and team as well as an unwavering commitment to implementing changes efficiently.

How do you know if your company is ready to become an enterprise that is data-driven?

A data-driven enterprise is one that utilizes data to support every function and process. This includes enhancing the internal operations of business and providing more enjoyable experiences for customers. This involves making faster, better decisions and identifying financial risks and mitigating them.

To become a data-driven business, your company has to take a holistic view of data, which encompasses security, strategy, governance, technology, skills, and personnel. The crucial element to this is having one source of truth. This is achieved by removing data silos, developing high-performance data integration platforms, which perform unified meta-data tracking, and increasing access to data through self-service tools and learning journeys.

Adopting a data driven culture can help your business gain confidence in the results of your analytics. Through establishing a culture that promotes data literacy and talking about metrics early and often your company will have greater confidence in the results and be able identify areas for improvement much earlier.