It is not even about the trend, it is a fact that nowadays most companies need data and analytics to be driving operational excellence and fostering better customer relations. New technologies and insights will take the organization a step further either in the way it will set up its strategy or come up with new and innovative business models.
A data-driven organization is an entity where we capture and reinforce the value of data by constantly surrounding it with context, describing where it comes from, who has access to it, and how it is being and has been used. Counter to conventional wisdom, this organization empowers people by securely, safely giving employees direct access to data, as well as providing interactive dashboards and colourful visualisations. In a data-driven organization, we incentivise data analysts, stewards and IT staff to collaborate clearly and efficiently, bringing significant benefits to the entire organization.
Let’s take a closer look at what this means on the field and on how it is done.
Successful DDOs have:
- Centralised and organised their data.
- Kept recent and relevant data that was not limited to internal sources but expanded their resources to external channels
- .Have chosen not to overload their servers with useless data.
- Controlled the data flow into their reservoir in order to reap the desired benefits of the investment.
- Put in place data governance policy to prevent data deterioration and guarantee the high quality.
- Put a scheme for everyone in the organization to access the information they need to have access to. Not everyone can access everything, for the very simple reason that some information that is not relevant to some people, thus having it accessible for this department or individual will diminish the accuracy of search results and data quality.
- Integrated analytics into tools. DDOs tend to use the most innovative analytics models functionalities. They are also embedded into existing tools, making them more likely to be used. Competitive advantages arise from analytics models that allow users to predict and act upon business insights and thereby optimize outcomes.
Most of the case studies, and authors showed that a DDO gains in terms of consistency. When the system is set up, there is no room for inconsistency if someone leaves the company for example. Succession issue will in no case influence the progress or the continuation of the work cycle.
Increased staying power goes hand-in-hand with consistency. In a DDO, people understand how decisions are made, the implications of data that’s being collected and managed, and they take action appropriately. When everyone is involved with and knowledgeable of the company’s data, you have longevity.
DDOs also benefit from a very high level of Awareness. They know if sales are up or down, if customers are happy or not, and what is or what is not working in their own and other departments.
Awareness and transparency across an organization help drive buy-in, loyalty, engagement, action, and responsibility—and encourage employees to ideate on change and new product, service, or business model development to move their brand forward.
Another top advantage for DDOs is responsiveness for having available historical, real-time, right-time, and predictive data.
Feedback & built-in market research are easily done within a DDO. All the data about what was sold or used, what was liked or disliked is available which helps create or transform products and services that suit customers’ needs best.
Last but not least, another advantage that data-driven organisations have is that when they make decisions based on facts and data, that dramatically increases the speed of decision making. People of a DDO look at the data, make a gut check, look at the data again and can confidently proceed with the decision making.
With consistency, longevity, awareness, responsiveness, feedback, and quick, confident decisions, data-driven organisations are obtaining and retaining customers and market share. Putting together the right data, giving the rights accesses to the right people and refreshing/updating the resources and the platforms would take just the right amount of time and investment and will highly impact the way people do work and reflect on the company’s crucial numbers.