Lead with Data: A Guide to Becoming a Data-Driven Organisation
Wally McCarthy
I simplify LinkedIn so you can land clients & jobs faster | Profile Optimisation | LinkedIn Consultant | LinkedIn Specialist | Business Development
How many times have you heard terms such as ‘Data is the New Oil,’ ‘Big Data,’ ‘Data Warehouse,’ ‘Data Lake,’ ‘Data Lakehouse’ being used?
Businesses need to focus on data to be able to create competitive advantage, improve business outcomes, and drive innovation.
To achieve success with data an organisation needs to become data-driven.
So what is data-driven organisation?
An entity becomes data-oriented when it leverages data to guide and drive decision-making processes across all levels of the organisation. Data becomes a fundamental component of how the organisation operates and makes decisions.
Why is it necessary to become a data-driven organisation?
When an organisation is data-driven it uses data to gain insights into customer behaviour, market trends, and operational performance which leads to a competitive advantage, improved efficiency and more importantly better understanding of its customer. This all leads to an organisation embracing data-driven practices and culture of continuous improvement and innovation enabling the business to stay ahead of the competition and adapt to changing market demands.
Transitioning into a data-centric enterprise offers several benefits.
5 key benefits of data-led organisation:
- Improved decision-making:?By using data to inform decision-making, organisations can make more informed and objective decisions, reducing the risk of making costly mistakes or missing opportunities.
- Better customer insights:?Data-led organisations can gain deeper insights into customer behaviour and preferences, enabling them to personalise their products and services and improve the customer experience.
- Increased operational efficiency:?By using data to optimise operations, organisations can reduce costs, improve productivity, and streamline workflows.
- Competitive advantage:?Data-centric organisations can gain a competitive advantage by using data to innovate and develop new products and services, optimise marketing and sales strategies, and improve customer experience.
- Better collaboration and communication:?Data-driven organisations encourage collaboration and communication across teams, as everyone has access to the same data and can work towards common goals based on a shared understanding of the data.
So how can your organisation become data-driven and avail of these benefits?
Becoming a data-driven organisation is a process that requires a strategic approach and a commitment to integrating data into all aspects of the organisation.
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7 key steps to becoming a data-driven organisation:
- Define your business objectives:?Start by defining your business objectives and identifying the key metrics that will help you measure progress towards these objectives.
- Assess your current data capabilities:?Take stock of your current data infrastructure, tools, and talent. Identify gaps in your data capabilities and prioritise areas for improvement.
- Develop a data strategy:?Develop a data strategy that aligns with your business objectives and outlines how you will collect, analyse, and use data to inform decision-making.
- Establish data governance:?Develop policies and procedures for data governance, including data quality, privacy, and security. Assign roles and responsibilities for data management and ensure compliance with relevant regulations.
- Invest in data infrastructure and tools:?Invest in the data infrastructure and tools needed to support your data strategy. This may include data storage and processing systems, data visualisation tools, and analytics software.
- Build a data-driven culture:?Foster a culture that values data and encourages data-driven decision-making. This includes providing training and resources to employees to help them analyse and interpret data.
- Monitor and evaluate:?Continuously monitor and evaluate your data strategy and make adjustments as needed to ensure that it remains aligned with your business objectives.
The key area that successful data-driven organisation focuses on is their prioritisation of data literacy and investing in data infrastructure, tools, and talent to support their data-driven culture. This includes developing data governance policies, ensuring data quality, and providing training and resources to enable employees to analyse and interpret data.
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Your Guide to Explainable Digital Transformation - Translating Tech-Speak Into Transformation Success | Digital Solutions Architect | Digital Creator
1 å¹´Good summary of what is data driven and what needs to be done in order to be one. Although the steps are known achieving them is hard - not many organisations can truly call themselves data driven
Strategic Account Sales Executive | Driving Data-Based Strategies with AI & Technology
1 å¹´Absolutely agree! Becoming a data-driven organisation is crucial in today's competitive landscape. It not only enhances decision-making and provides deeper customer insights but also boosts operational efficiency and fosters collaboration. Leveraging data is key to staying ahead, innovating, and truly understanding our customers. Embracing a data-centric approach is a game-changer for any business.
Technology Exec | Strategy, Innovation, Project Delivery, | I help the c-suite maximize value through data & digital Innovation. $65M in proven efficiencies with transformation, AI, data management & value creation
1 å¹´Good share Wally McCarthy, the two biggest learnings I have had from doing this work is: 1. The establishment of a learning culture. People are not taught data literacy in school so there needs to be on the job training. The training needs to be designed to take people on a journey to help mature their understanding which supports. All of the data implementation steps you describe 2. Data governance is mission critical. I have yet to see an organization with high quality data. The operational staff need to own the quality and accuracy and it only happens with data governance in place. Implementating data governance without the learning curlture will lead to failure. The reason for it is the operational staff need to understand their role in quality data through the lifecycle of data management. I have more lessons but this are the two key lessons i now always start with
I help organizations in finding solutions to current Culture, Processes, and Technology issues through Digital Transformation by transforming the business to become more Agile and centered on the Customer (data-driven)
1 å¹´Great article, Wally McCarthy. A great and easy quick guide for everyone to understand why data is important and how to be a data-driven organization.
I simplify LinkedIn so you can land clients & jobs faster | Profile Optimisation | LinkedIn Consultant | LinkedIn Specialist | Business Development
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