Many companies are investing in some sort of data project – data analytics, big data, AI, machine learning data science. However, independent data projects do not make you data-driven.
The race to secure a data-driven and robust future is instead an integral part of a strategic journey, where you look to position data to empower and deliver on your business objectives.
As we return to our new normal, the importance of deeper insights has perhaps never been so critical to our decision making. Organisations are under pressure to make the right decisions to enable them to survive and transform their business model in the most appropriate way – this can only be achieved using data and analytic techniques to turn data into value in a repeatable, business-focused manner. Unfortunately, there is no simply plug and play solution to becoming data-driven. Instead, it’s about taking a data-driven approach across the business, putting the information and critical skills you have at the heart of the strategy, supported with the right technology to deliver the fundamental insights you require to not only survive but also thrive in this increasingly competitive landscape.
Here are some top tips that can help businesses succeed with their race to be data-driven:
Embrace a data-driven Future
The race to be data-driven has never been so important with so many businesses emerging from this period faster and hungrier having invested in data and analytics – this produces a new competitive landscape where the more intelligent, efficient and engaged organisations will hold a significant advantage. The need to be data-driven requires leadership alignment and a cultural shift to instigate success, and it needs to happen now. Driving champions that can help instigate data-led actionable change is of paramount importance for the commercial future.
Align Data Investment to Business Outcomes
Data investment has to align with agreed measures of success in business terms. Does the immediate strategy require cost reduction, revenue generation or creating richer experiences to regain customers? Prioritisation at this stage becomes incredibly important. What decisions will drive the most effective results and what is the potential impact of each decision to the organisation? By knowing, defining and sharing a set of goals, it becomes clearer what the company is working towards, and ensures that all stakeholders and teams share a common understanding of what data-driven success looks like.
Upskilling your data and analytic talent
Ensuring you have the right team and skills to scale your analytic initiatives is perhaps one of the most significant challenges you’ll face. What resourcing model is right for the business and how might you best establish a core, centralised best practice team of data professionals? – one community striving in one direction to empower the business and implement data-driven success. A data-driven company is one where the entire organisation leads with data, where data literacy is spread through every tier of the organisation. Defining the skills and competencies against those critical dependencies is essential across every level of your workforce.
Use data to inform any transformation
Workplaces are changing. To evolve effectively and become more agile decisions need to be driven by data. Whether these decisions involve the application of new technology and automation, further investment around digital collaboration or more innovative processes, any implementation needs to be based on actionable data.
Thriving and surviving with a data-driven data strategy is key for success in today’s competitive market, because it presents the ability to make informed decisions and transform quickly based on real insight.
Join Rich Pugh, Chief Data Scientist at Mango and Simon Adams, Change Consultant at Nine Feet Tall, as they discuss the importance of being data driven in this increasingly competitive commercial landscape and why putting data at the heart of your business transformation is imperative if you want to survive and thrive.
The focus for the webinar will be on:
- Why are organisations racing to become “data-driven”?
- What exactly does a data-driven organisation look like?
- What happens if we don’t get there quickly enough?