As new technology adoption goes all-time high among companies of all sizes, geography, and industry, we can’t really run away from data – well, because every technology that we use produces data (and data is an asset for decision-making). When it is such, companies should start to look at how data is being utilized as part of their company culture, and this should happen fast.
Business leaders in data-driven organizations understand the benefits of relying on data insights to make potentially more-effective business moves. A study from McKinsey Global Institute shows that data-driven businesses are more than 20 times more likely to acquire new customers and 6 times more likely to keep them.
One of the most significant opportunities that data-driven companies get is that they can unlock data-driven innovations. These have made the organization to manage business processes better and to increase customer engagement.
Before approaching a consultant or vendor, it is important for companies to recognize how data can help them with decision making (e.g., departments involved, decisions that needs to be done, who should have the access to the different types of data). In this article, we will look at some of the approaches that the company can do to achieve data-driven decision making.
Use data to set the course and strategy for your company. and prioritize which data or data sources are the most important to your company. It is important to look at what unique insight a particular dataset can provide and how they can be combined with other data to produce different lights to data storytelling.
By doing so, this allows your company to build unique and competitive business data assets that can be truly useful and ready to deliver unique insights that can potentially bring in more business value.
The most successful organizations begin with high-value business opportunity, where they look at addressing how data can be utilized to achieve certain desired outcomes. This can be achieved by taking data as a primary guide through in-depth analysis to address concerns whenever required.
Source: Google
Data is the currency of technologies, and its full potential is yet to be realized. By having a data centered mindset, employees are ready to ask new questions on data and performance that will eventually lead to new discoveries. Training employees into a data-centered mindset will help your company to utilize data for effective yet efficient decision making.
When different departments become data-literate, the process of decision making becomes efficient, allowing for creating coherent strategies for the future.
Companies can benefit by centralizing their technology infrastructure, policies, practices, and standards to ensure the consistent treatment of data, and at the same time, ensuring the legal and ethical use of data.
Data-based restrictions in a company lead to delays and inconsistencies in enterprise-level decision making, hence it is important for companies to provide a platform where each employee gets the chance to use appropriate data for making decisions.
Atlas is an example platform that allows the integration between multiple sources of data that can allow for real-time data exchange and utilization for different departments. Atlas provides a complete data governance suite that helps to govern and secure critical data without compromising the ease of data accessibility, restricting the data to be available only to those who need it, preventing any loss of time and data redundancy. For more information on Atlas, click here.
From the current technological advancements, it can be inferred that data-driven organizations have the potential to be the most successful players on the market, regardless of their industry. A data-driven, evidence-based approach at all enterprise levels contributes to higher productivity, rapid expansion, and creative innovations, delivering unique competitive features.
Data-driven innovations are going to be the turning points of many industries in the future. When combined with powerful technology and platforms, data can be crucial to building robust, customer-centric solutions that will delight and retain customers.
Keeping this in mind, companies should prepare to adopt data-driven strategies that will extract valuable insights, as it is a process that requires the change of people’s mindset which requires time and resources.
The process has no endpoint, but with the right resources at hand, such as having access to appropriate data and being able to utilize it rightly, the rewards of this path to becoming a data-driven business, should materialize quickly as faster decisions will be made with more integrity, a facts-based approach is taken rather than intuition, and a community that places data at the core of any action is adopted.