According to McKinsey Global Institute, companies that are data-driven are 23 times more likely to attract customers, 6 times more likely to keep them, and 19 times more likely to earn profit. This level of success shows that leveraging data is a top priority for most organizations. To be a data-driven company, you need to transform your culture, alter your work habits and think and invest in technology. This requires the right team and leadership, as well as an unwavering commitment to implementing changes in a way that is effective.

How do you know whether your business is ready to transform into a data driven enterprise?

A data-driven enterprise is one that utilizes data to transform every aspect of business and process. This includes improving the internal operations of business and providing more engaging experiences for customers. It also involves making better, faster decisions, as well as identifying and reducing financial risks.

To be a data driven business, your company has to take a holistic view of data, which includes strategy, governance, security technology, skills, and personnel. This is only achievable by having a single, consistent source of truth. This is achieved by eliminating data silos, creating efficient data integration platforms that can scale that perform unification of meta-data tracking, and democratizing access to data via self-service tools, learning journeys and centralized meta-data tracking.

A data-driven culture helps your business build confidence in the outcomes of analytics. By creating a data literacy culture and addressing metrics frequently and early, your business can be more confident about its outcomes and recognize improvement opportunities much earlier.