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According to McKinsey Global Institute, companies that are driven by data are 23 times more likely to acquire customers, six times more likely to retain them and 19 times more likely to earn profit. This level of success demonstrates that using data to improve business has become a strategic priority for many organizations. But becoming a data driven enterprise is more than just investing in technology and automation; it involves transforming your culture and changing the way you think and work. This requires the right team and leaders as well as an intention to manage change efficiently.

How do you know if your organization is ready to transform into a data-driven business?

A data-driven enterprise is one that makes use of data to support every process and function. This includes improving internal business operations and creating more enjoyable experiences for customers. This involves making better, faster decisions and identifying financial risks and reducing them.

To be a data-driven enterprise your company must be able to take a holistic approach to data that includes strategy, governance, technology, security as well as people. This is only possible by having a single, unifying source of truth. This is accomplished by eliminating data silos, developing robust data integration platforms and implementing unified meta-data tracking and democratizing access to data via self-service tools, learning journeys, and centralized meta-data tracking.

A data-driven culture aids your company in building confidence in the outcomes of analytics. By creating a culture of data literacy and talking about metrics often and frequently your company will have more confidence in the results and be able to spot opportunities for improvement much sooner.