Big Data, Open Data, Smart Data... Data used for marketing, customer relationship or user experience purposes is also a formidable lever for business growth. Collected and analyzed with care, it allows any structure to grow its market. As long as all departments are involved and given the keys to reading them. Understand what is behind the expression "Data Driven" and take advantage of the advice to transform your company.
The era of data, an opportunity to become Data Driven
To become a "data-driven" company, you must already understand what the model is. A Data Driven structure relies on a set of data to make strategic decisions. In concrete terms, this iterative approach implies that during each business cycle, the organization collects and analyzes data to improve its actions during the next cycle.
The underlying idea is not to acquire new analytical processes or the latest tools. By becoming Data Driven, the company shifts from an investment in technology to a managerial change. All employees, from HR to marketing to finance to top management, work with the same desire to exploit data in the most natural way possible. A Data Driven organization is able to predict a breakdown in its production cycle, anticipate new consumption or provide feedback on customer expectations.
The Data Driven logic impacts all levels of the company:
- On a human scale, the challenge is to rethink our business to orient it around data;
- At the organizational level, the challenge is analytical since it relies on the expertise of each department to enrich its data, select it and translate it;
- At the enterprise level, the challenge is technical as it breaks down data silos and brings together scattered data.
Data Driven companies were born of the rise of two phenomena: mass data collection and analytical technologies. Connected objects, social networks, smartphones and chatbots have made it possible to know more about oneself than ever before. Data Visualization, Predictive Modeling and other Data Quality techniques have dramatically improved data interpretation.
When a company prefers predictive models to cognitive biases, it makes informed and objective decisions. This saves them time, resources and money. It is able to see demands coming, win new prospects and outperform its competitors.
Steps to becoming a data-driven enterprise
To get quality data, you need to be on the customer's side. Always put the customer at the center of your logic when preparing, analyzing and processing data. You can expand your view to the ecosystem, but don't stay closed to your own view of things. You will know how to select, allocate and prioritize the data that really matters.
Adapt your corporate culture. Think data governance: deliver accessible and actionable data in a transparent environment. Unblock the tunnel effect, fear of change, and siloed work. Bring teams and IT closer together, streamline dashboards, listen to the comments of each business and become data driven.
