Saturday, February 4, 2023

Four Pivotal Attributes of Data-Driven Businesses

By Umme Sutarwala - September 28, 2022 4 Mins Read

Data is becoming progressively precious, particularly from a business standpoint. Data, after all, may reveal a lot about the operations and processes of an organization. It indicates whether or not one is headed on the correct path, shows areas that need advancement, and offers a suitable procedure to implement those changes.

By using data for a competitive advantage, enterprises have discovered how to prosper and even, in some cases, survive. Data is without a doubt becoming the primary driver behind companies, both new and old, to stay competitive and innovate ahead in today’s constantly changing landscape of evolving competitors and well-funded disruptors.

According to a recent McKinsey study – The Data-Driven Enterprise of 2025, sophisticated workflows and flawless interactions between humans and machines will probably become as commonplace as the corporate balance sheet. Most employees will utilize data to optimize almost every element of their work.

Also Read: Three Essential Approaches to Lower Friction During Digital Transformation

Experts have identified the following characteristics of a data-driven organization.

Democratization

A company’s overall operation suffers when employees are not given access to the appropriate data. Unfortunately, even companies that assert to have a data-driven company culture and a data strategy may still not provide their employees with the proper data access. When personnel must go through a formal, ineffective process to seek information, that is another out-of-date data strategy component. Employee time can be greatly wasted by a legal process that must compile data requests and individually approve each one.

Additionally, if firm data is not available, employees can believe that their employer doesn’t trust them. Executives must ensure that the appropriate data is provided to staff as quickly as possible, ideally instantly, in order to promote data literacy and a business become data-driven. The democratization of data management within enterprises depends on accessibility. A data-driven company needs to ensure that workers with different levels of technical expertise can access the data.

They improve how resources are allocated

Making a data-driven strategy is one thing; putting it into practice successfully is quite another. It is crucial to have the appropriate resources in place at that time and to update them as necessary.

A data-driven company needs the right people, procedures, and tools to support the strategy after it has been created. Organizations must have processes and tools for creating data catalogs, as well as procedures and tools for data quality and cleansing, defined data use cases, effective and secure access to data for internal and external users, general security to support the use cases, and a data center of excellence to help complicated data requests.

Being a data-driven firm from a human resources standpoint entails having a solid team of data analysts, scientists, engineers, and other experts in place, as well as offering the necessary training when new talents are required.

Also Read: Strategies for Organizations to Increase ROI in Observability

Automation

Evaluating the automation of data management workloads is a key indicator of whether a company is data-driven. A company is not truly data-driven if data-driven insights are not properly integrated into business processes. Data-driven insights are a fantastic tool. Workload automation in data management offers firms a number of advantages.

Two important advantages are more optimized data-driven decision-making and reevaluating corporate plans. It is important to highlight those manual methods, such as business intelligence reports or dashboards, might be destructive. Manual data management touch points might make it more challenging to collect data and save it for the business.

Data culture

Data culture, which is related to data democratization, is established when analytics extends beyond a narrowly focused area of the organization and is completely integrated with operations. Data culture is created as a digital transformation effort is implemented across all business groups and is adopted more widely. It is based on strong communication.

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AUTHOR

Umme Sutarwala

Umme Sutarwala is a Global News Correspondent with OnDot Media. She is a media graduate with 2+ years of experience in content creation and management. Previously, she has worked with MNCs in the E-commerce and Finance domain

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