Cultivating a data-driven mindset within a culture of curiosity

Digital transformation remains a priority for the modern organisation. It is no longer a hyped-up headline, driven by a narrative of sales and technology ingenuity, but an evolving strategy that allows for the business to consistently reinvent itself to stay ahead of the competition and their industry.

The value of digital transformation is recognised by most decision-makers. More and more companies are recognising that great data equates to great transformation which has seen an increase in the number of Chief Data Officers (CDOs) appointed by organisations to ensure their data and digital transformation strategies are aligned.

While CDO’s role is to support the enterprise in creating value from its data, it is a function that can be filled by CEOs or senior leadership in smaller, more diverse organisations. The ability to manage and optimise the data is definitive in unlocking the potential of a company’s data treasure trove and instrumental in ensuring the business is in the right position to take advantage of emergent and powerful technologies such as AI, machine learning, Internet of Things, and compute at the edge.

The role is also critical to building a data-driven culture within the business.

What is a data-driven culture

While there are multiple ways in which data can benefit the business, let’s stay focused on digital transformation. This is perhaps one of the most strategic investments a company can make and yet, it often fails. A 2022 McKinsey study found that only 17% of companies achieved more than three quarters of the cost savings they’d hoped for and a BCG study found that up to 70% of digital transformation initiatives don’t meet their objectives.

And one of the reasons why lies in the data. Companies don’t recognise how important the role of data is when it comes to the success or failure of any digital initiative. Which is why it’s becoming increasingly important that organisations prioritise building a data-driven culture.

The question is: how does the business build one?

Start at the top of the business. Leadership is instrumental in ensuring the creation of a data-driven culture. The data role should collaborate with leadership and senior management to ensure data becomes, and remains, a strategic priority for the organisation.

This is then followed by:

• Choosing the right metrics. What defines data-driven for your organisation? How does your data obsession align with your business goals and objectives? You need carefully selected metrics that are relevant, accurate and actionable to form the foundation of your data strategy and approaches.
• Breaking down silos. Data and insights shouldn’t have to navigate silos and complexity. This limits visibility and inhibits the generation of relevant insights. Data specialists should work within the business to ensure data becomes accessible to anyone who needs it, regardless of role or department.
• Fixing basic data access. If data is to be accessible and easy to use, then data access issues need to be addressee quickly to ensure employees have the right data they need to make informed decisions.
• Quantifying uncertainty. If the data leaders can quantify the uncertainties associated with data, then employees will understand its limitations and gain a better appreciation of how it can be used to inform decision-making.
• Simplifying the POC. A simple and robust proof of concept (POC) will help employees understand how data can be used by them to solve business problems. This is incredibly empowering.
• Specialising the training. Offer specialised training to employees who need it as their growing skillsets will translate into effective data management and a growing data culture within the business.
• Ensuring the value from analytics. From using analytics to help employees and customers through to providing insight into analytical choices, data leaders can help employees understand how data is being used, why certain choices have been made, while reducing costs and improving productivity.

These are just some of the steps the business can take to enhance its data profile through a data-driven culture and organisation. With leadership committed to visibility and training, every employee is empowered to drive data to the edge and benefit the company.