There are many reasons to adopt a data-driven culture. The most intriguing of all of them is what Gartner reports as a 30% increase in profitability for companies that have a full-fledged data-driven culture.
So what is a data-driven culture?
Having a data-driven culture in your organization means that at every level in your organization and in all departments there is a cohesive view of how data is collected and used for the good of the organization.
When you have a data-driven culture in place there are three elements that must be present. Data and tools need to be accessible, management has data as a focus, and decisions are made using data.
Having Data and Tools Accessible
Having data and tools accessible means that there is a strategy around how data is collected and where it is located. There is integration between systems so that data is connected and you are able to have one view of your customer.
When you don’t have accessible data, you have systems that are disconnected. The data collection across the various departments is inconsistent and information is siloed.
Management with a Focus on Data
When there is a focus from the management team there is a consistent ask for data to support decisions. Operating from the gut is balanced with information from data that is collected from the business. Middle-level managers know that presenting data alongside their decisions is a norm.
Decisions are Made with Data
When management focuses on data, it is easy to support decisions being made with that data. KPIs will represent future focuses and predict potential challenges vs. reporting on what has happened in the past.
For more on this please view our recorded webinar to begin your journey into a data-driven culture.
You will learn:
Here is the link to the recording
For many, a visual aid assists in creating a mindset of where you are going. We believe strongly in visual aids being essential to a transformation journey regardless of the industry. This is why we have created a data-driven pyramid.
In this article, we will discuss what goes into making decisions from the data you gather and how you might want to approach your data-driven decision-making as a team.