A lot of companies today claim to be “data-driven.” But, as with most trends, many of these claims tend to be exaggerated. Just because a company has a lot of data, doesn’t make it data-driven. So, what does it take to truly be considered a data-driven company?
A true data-driven company understands that data should be omnipresent and easily accessible. It’s an organization where every person has access to the data they need, when they need it, in order to make better decisions.
Data-driven organizations are consistently measuring and monitoring the pulse of their business. This can even be done through an automated process.
Multiple Sources Consolidated
Data should be drawn from a variety of internal and external sources. But that data should also be consolidated and blended in an analytics engine and distilled down to actionable insights.
Real-Time Decision Making at Every Level
It’s not just the executives that should have access to data. Ultimately every employee in an organization is having to make decisions on a daily basis.
Using historical company data to react to trends is not being data-driven. Instead, using data from a variety of structured and unstructured sources, to predict trends makes a data-driven company.
One Version of the Truth
There cannot be disparate spreadsheets lying around, and in the hands of certain people, and data cannot only be in the hands of IT. Data-driven companies have had to adjust their culture and have shifted the mindset of all of their people. Every user in a data-driven business has a consistent experience, across all platforms.
Being data-driven is not:
Seeing a few canned reports to start the day or week
Just having a data-driven marketing silo
Solely accessibility (data is growing larger, more complex and spread between so many sources that accessibility to no longer enough)
Simply reacting to trends (using historical data)