In my view, creating a data centric culture is one of the keys to building a data-driven organization. The right technology, data literacy, and disrupting the status quo are ways to start.
There is no single path to becoming a data-driven company — some firms might focus on building the right data team, while others invest in the right technology or build analytics into their digital transformation strategy. Start-ups and newer companies have an advantage as they’re able to build data into the framework of their organizations. Incumbents face challenges like entrenched business processes or reluctant leadership.
There is a humongous volume of data that is lying untapped and corporations are looking at investing in collecting, securing, and analysing that data. The focus on data is also because data-driven organizations are more likely to succeed and be profitable in terms of retaining customers, enhancing their business operations, and decision making.
Here are some recommendations that will help cultivate a data drive organization culture:
Data is not just some information that is obtained from various transactions. It is much more than that. The latest technology and applications are being designed around data to arrange, analyse and make decisions using them. Companies and the employees should understand this and provide access to the right people so that quick decisions are made.
Data-driven organizations usually have a top management that believes in a good data-driven culture. They set expectations for themselves and their teams to make decisions based on data, and lead by example. So if you want a data-driven organization, there has to be a change in thought process at the very top.
Hire people who can understand the big picture of how data can be used to make the business better. Data-driven decisions not only help in external operations like marketing, sales, etc. they also help in making internal operations more efficient. So it is important that you employ people who have an open mind about data and have a vision.
One of the keys to a data-driven organization is to have the right technology to use, analyse and manage the data. Modern technologies that provide insights using AI, collaboration tools, data analytics, and cloud-based tools help in using the available data in the resourceful ways. Choose the technology that suits your needs rather than what is in trend.
Effectively train your employees in using the tools to maximize your investments. The training can be formal training from a specialized vendor, informal in-house training, mentorship programs, and other learning activities that improve their skills and ability to interpret the data.
We believe that the path to becoming a data-driven organization is difficult. Organizations get discouraged easily and give up, reverting to old processes. Hence the key is to be disciplined and patient. Once the initial setbacks have been overcome, the path becomes relatively easier.
Global Head of Banking