Building an organisation that’s data-driven
Over time, organisations have relied on data to better their operational efficiency, increase their innovative capabilities, and adjust to societal needs and changing business environments. Recently and most specifically, in the last ten years, there has seen the emergence of new techniques and tools and also a growth in forms and sources of data available to inform business practices. Some of the questions that those in management positions in companies have to cope with include; how can they leverage on their organisations’ data assets to realise growth? What is their current strategy? Is this strategy working, and can they craft a data strategy for their company, to ensure it gains a competitive edge? What data analysis process can help the business get the most out of their data? This article offers insights on some critical factors that can help build a robust, data-driven organisation.
Unlocking the value of data
Contrasting to traditional institutions, data-driven institutions do not experience a linear growth; they instead grow exponentially. Examples would be companies like Google and Amazon, who have their whole business models built around exploiting and exploring data. Such organisations tend to have a data-centric tactic that extends beyond operational excellence. This necessitates the organisations to ensure that they give utmost attention to data and its analysis in all their daily business activities.
How an organisation should view and act upon data
Typically building a culture centred on data in an organisation starts with a top-down approach that infiltrates through the organisation, ensuring that employees appreciate the intention behind the analysing and gathering data. Getting into data analytics devoid of a particular strategy isn’t going to produce substantial outcomes that will positively impact the organisation. Thus organisations must carry out data analytics to make informed and better decisions. To ensure this is successfully facilitated, the platforms and tools needed to analyse and gather the data should be made readily available throughout the organisations. Organisations can, better formulate strategies, execute transactions and seize competitive opportunities faster if they use Automated data pipelines instead of manual touchpoints. Companies should have robust ways of converting raw data into tangible facts to help inform decisions that will shape the company. Employees must be made to have access to data of an organisation. They must also be made to appreciate the significance of the data and how they should act on it. This will ensure that the employees are innovative with the data which will give room for improvement. This will help inculcate a data-driven culture in the company.
Data literacy in your organisation
In today’s digital age having the skill to work with, read and transform data into actionable insights is critical. Ensure that you have a workforce that is data literate. The organisation should develop and invest in executives with a researcher’s mindset and are open to new ideas and have skills to make data beneficial to an organisation. Essential questions that CEOs should ask themselves include; are your executives able to understand how they can craft outcome-based and data-driven business models? By adopting an approach, data-based executives will ensure that the organisation stays ahead as far as competition is concerned.
Understanding your clients.
Today it is not sufficient to gather data and act upon it based on insights. Instead, you need to have a data-driven organisation with the available tools to generate real-time data and ensure that all employees of your company can instantly access this information. This should include information on the client’s needs. By ethically gathering client behaviour data and analysing it, this can help respond to your clients’ needs efficiently and fast. Dynamic insights are much more important than just having insights. A key to having a successful data strategy in an organisation is collecting real-time data.
Organisations can also use data as a way of driving modelling scenarios. For example, the covid-19 pandemic led to organisations world over experiencing unprecedented change in behaviour and needs of clients. While some businesses are facing hibernation and closure, others are flourishing. By effectively using data, organisations can appreciate and effectively respond to their client behaviour and changing patterns. Companies need to ensure that they are resourceful and can act and think quickly to adapt to the shifting societal needs and business landscape.
In conclusion, with the 21st century being heavily reliant on data, organisations that will be successful have to be data-driven. This article offers a guide on ensuring that an organisation is data driven and thus successful. Review sites such as the UK collected reviews can help one find platforms to help their organisation manage data.
