Being data-driven is critical to succeeding in today’s world. When an organization exercises a “data-driven” approach, it makes strategic choices based on data analysis and interpretation. Such an approach facilitates companies to experiment and organize their data with the goal of better serving their customers, employees, and improving their operations. Using data to drive its actions, an organization can contextualize and personalize its messaging to its prospects and customers for a more customer-centric strategy.
However, organizations face many challenges in becoming a data-driven organization and building and retaining a data-driven culture. Some of those challenges include their inability to emphasize long term objectives, lack of shared vision, focus on short term RoI gains and ignoring the Return on Value and opportunities that data brings, skills gap, and lack of having the full picture or true understanding of what it would mean for them if they become a DD organization.
nterprise success in a data-driven context depends upon complete access to data and instantaneous action, among other factors. To carry data to every decision, leaders need not only to tear down silos; rather, they have to manage and work with data where it lives strategically. Such a strategy should entail at least the following:
Identify the technological and cultural obstacles to realizing the full potential of data.
Leverage data organization while reducing friction.
Align their approach to data with overall business strategy.
Brainstorm and plan for data monetization opportunities
“Data-drivenness is about building tools, abilities, and, most crucially, a culture that acts on data.” Carl Anderson
Attributes of a business who has employed the data culture:
A Data-driven organization must display the following attributes:
All Decision making based on the data
Not being victims of their past success
Redesigning their strategy based on collaborative intelligence
Build a data culture
“Without data, you’re just another person with an opinion.” William Edwards Deming
By Chan Naseeb
Keywords: Big Data, Change Management, Diversity and Inclusion