How To Turn Your Organization Into Making Data-Driven Decisions

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Most organizations are now realizing the power of data and analytics. In the past decade, a few pioneering organizations have demonstrated how making strategic decisions based on data-derived facts can push businesses and innovation forward. It’s not only anecdotal; evidence that making data based decisions makes business-sense is piling up. The McKinsey Global Institute has indicated that data-driven organizations are 23 times more likely to outcompete non-data-intensive organizations in terms of new customer acquisition, nine times as likely to surpass competitors in terms of customer loyalty, and more than twice as likely to be more profitable than competitors.

It’s tough enough for many organizations to keep track of their data; it’s much tougher to translate the data into valuable business insights. Before an organization can use data as a core part of their decision-making process, it needs to build a foundation of well-governed and valuable data, commitment from company personnel to integrate data analytics into their business process, and common language surrounding data to ensure sound communication between departments and across the organizational hierarchy. Luckily, many organizations have already taken the first steps and through their experiences, you can learn how to turn your organization into a data analytics powerhouse.

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