Research shows that companies who use data to drive decision making increase revenues by an average of more than 8%, are 23 times more likely to attract new customers, and are 19 times more likely to be profitable as a result.
Most modern companies have access to varied data sources embedded into their daily operations. Many of those data sources may be accessible to employees throughout the organization, not just tech and data specialists. But unless staff at every level grasp the power of data and have the skills to wield it properly, it becomes a wasted resource. That’s why organizations should focus on creating a culture of data.
What can a data-driven culture help organizations accomplish?
Maximize the impact of every employee
By empowering employees at all levels to understand data, to integrate it into their workflows, and to make data-driven decisions, companies enable individual contributors to drive impact that senior leaders and middle management can’t see, and that’s exciting.
Trounce the competition
Data-driven insights help businesses get the jump on their competition, enabling them to predict trends in customer sentiment, build superior forecasting models, and expose market opportunities for competitive advantage.
Future-proof the organization
By continuously investing in employees to upskill, increase data literacy, and embrace new technologies and perspectives, businesses not only strengthen the capability and power of their teams, they insulate themselves from the global shortage of technical resources.
Unify the entire enterprise
Data-driven companies unify the entire enterprise around data. The C-suite evangelizes corporate objectives and middle managers reinforce and decompose them into function-specific objectives. When employees see how their work contributes to top line/bottom line growth and customer experience, they double down on loyalty.
Elevate data literacy
Identifying “data translators” within an organization helps bridge the gap between data science and on-the-ground operations, conveying the importance of a data-driven mindset and helping train employees on how to use data tools effectively.
Data is here to stay
Embracing a data-driven culture and empowering staff at all levels to make impactful data-driven decisions will position organizations for success in the future. Interested to dig deeper? Watch this on-demand webinar to learn more about the foundations of a data-driven organization.