Is Your Organization Ready to Be a Data Driven Enterprise?

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According to McKinsey Global Institute, companies who are data-driven are 23 times more likely to gain customers, six times more likely to retain them and 19 times more likely to succeed. This level shows that using data to improve your business is a top priority for the majority of companies. But becoming a data-driven enterprise goes beyond investing in automation and technology; it involves transforming your culture and changing the ways you think and work. This requires the right leadership and team and a commitment to managing the changes efficiently.

How do you know if the firm is ready to transform into an enterprise that is data-driven?

A data-driven company is one that utilizes data to support every function and process. This includes achieving operational efficiencies through automated workflows, improving internal business operations and delivering more enjoyable customer experiences. It also means making better, faster decisions, as well as identifying and reducing financial risks.

To become a data-driven enterprise, your company needs to have a comprehensive view of data, which encompasses strategy, governance, security technology, skills, and personnel. This is only possible by having a single, consistent source of truth. This is achieved by eliminating data silos and creating efficient data integration platforms that can scale and implementing the unified meta-data tracking process and democratizing data access through self-service tools, learning journeys and centralized meta-data tracking.

Adopting a more data-driven culture will also help your business gain confidence in the results of your analytics. By establishing a data literacy culture and addressing metrics frequently and early, your business will have greater confidence in its outcomes and recognize improvement opportunities much earlier.

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