How to become a data-driven company
A data-driven company is an organization that bases its business decisions on the analysis of data where all the departments and relative employees are encouraged to collect and analyze data in their daily activities and in the decision-making processes.
Being a data-driven company means that all information derived by data drive the company’s actions.
When becoming a data-driven company, each organization has the power to base its decisions on numbers which are more reliable than assumptions or perceptions.
So, how can a company become a data-driven one?
The process can be eased with the implementation of the following three tips:
- Create a “place” to collect data
This step has to be considered a pre-requisite to the development of a data-driven strategy. In fact, the organization has to provide its employees with a space (e.g. cloud platforms) in which meaningful data can be stored.
Not all stored data will be used (or useful) but its utility can be assessed only after an accurate analysis which is only possible if it was priorly collected, from both internal (e.g. stored customer data) and external sources (e.g. social media), and stored appropriately.
- Set assessable goals
Once the data is collected and analyzed the company will be able to assess what went right and what did not. The analysis can help understand the factors that affect the business and strategize better. Nevertheless, in order to understand, the company must compare the collected data with pre-set goals. Those goals, therefore, need to be measurable.
- Make data available and transparent
To be a data-driven company, all employees must be involved in the data collection and process analysis. Therefore, it is essential that the company provides each one of them with access to the data storage and ensures the reliability of the reported data.
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