Organizations are investing a fortune to become truly data-driven, but as per a survey, a mere 7% successfully scale analytics to drive value from the data they have in possession. This makes it crucial to analyze the aspects that distinguish top performers from the rest. In this article, our big data experts analyze the five building blocks of a data culture and shed light on key focus areas for businesses.
Access to trustworthy data
‘Trust’ forms the basis of a robust data culture, and business leaders must strive to build a robust foundation of trust in people.
Having a system built around trust in people and data enables businesses to accelerate data democratization. And when there is organization-wide access to data, people will be well-positioned to make data-driven decisions in real-time.
In today’s big data era, businesses must capitalize on data to succeed. Contact us to know why.
Commitment to maximizing data usage
Businesses can maximize data usage and drive value from data only when data is treated as a strategic asset and the source of all decisions.
To build a successful data culture, business leaders must adopt a strategic step approach and fully commit to realizing the value of their data assets. Having an assigned executive accountable for the organization’s data use can help ensure that people leverage data to make better decisions, and analytics projects tie back to critical business efforts.
A data driven workforce
Prioritizing skillsets can help build a workforce that is committed to making data-driven decisions.
Building a data driven business and its success depends on end-users who manage data on a daily basis. Deploying advanced technologies and processes will be of no use if the end-users lack the technical know-how and skillsets required to analyze data. Prioritizing data skillsets and making them a part of the talent strategy can also lead to better results since users will feel confident finding the right data, applying analytical concepts to their work, and communicating the end results.
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Strong focus on data sharing and analysis
In today’s big data era, data sharing can help build a strong data culture by supporting the end objectives of businesses.
Business challenges that could be tackled using data are generally not limited to a single business line but require a collaborative team effort. This is a key focus area for businesses because, in a data culture, people share the purpose of using data to make better decisions that ultimately drive business growth.
Data driven culture
With a data-driven mindset, businesses can drive organization-wide improvement and identify new growth opportunities.
Establishing a data driven culture is directly linked to maximizing the value of data. For this, businesses must focus on building a data culture where people prioritize data over intuition or assumptions. With a unified vision and mindset, businesses will be better positioned to focus on innovation and growth.
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How do you create a data culture?
A common challenge facing CDOs today revolves around the creation of an organization-wide data culture. Due to this inability, businesses often fail to embed data into their decision-making processes, preventing them from driving value from their data.
If you’re looking to establish a strong data culture, we suggest you embrace what is truly important from a business perspective-
- Align data with business objectives
- Promote cross-collaboration within teams
- Leverage technology and analytics
- Develop a robust data-driven business strategy
- Look for support and recommendations from data experts