Our past, present and future are intertwined Data– Everything around us is numbers. While there is no doubt that data has made itself clear in every area of our lives, it plays a big role in our corporate world. Data, Big information And Data Analytics Are synonymous versions of each other.
If statistics are to be believed, 63% of organizations report that big data and analytics are generating competitive advantage for their business. About 83% of business leaders pursue big data projects to gain a competitive edge. And so, one should understand the growing data culture and the importance of creating it.
From making better decisions to tracking progress and increasing coordination, building a data culture serves the broader goals of better serving organizations, their customers, and their clients. Some organizations collect data but cannot take advantage of it to the best of their ability, where it is necessary to work with stored data. While collecting large amounts of data is of no use, it pushes towards solving business problems with a data-driven approach. Benefits such as: –
- Make quick and agile decisions
Decision making is a symbol of running any organization. A data-driven culture encourages organizations to make decisions using reliable data to ensure good growth and continuous progress. Although data interpretation and critical thinking are essential for any business, data-based culture helps organizations measure what is the right decision and when it should be implemented for maximum impact. In fact, accurate data collection and monitoring also help organizations measure the impact or ROI of any decision taken to ensure movement in the right direction or to make course-improvement if necessary.
- Easy change management
As organizations make Data based decisions And implement changes, if these changes are backed up by accurate data it is easier to get buy-in from employees, showing how any given change will help the organization and thus make employees successful. The data establishes a narrative that should suit each character. When you implement a data-driven decision-making process, it is free from the biases of personal experience. Seeing that the numbers do not lie, employees can easily explain why and what the change is, thus streamlining the entire change management process.
- Reduce costs and increase revenue.
The BARC report surveyed businesses that use big data found an 8% increase in average profits and a 10% reduction in overall costs. Creating a data culture means financially in two ways: one, by reducing costs and two, by increasing revenue.
Organizations tend to reduce costs by simplifying their data estates. This includes the certification and reduction of equipment or at least a reduction in the number of equipment used which reduces costs by eliminating other costs and indirectly reducing the effort required in training, support and related tasks.
The most successful companies have successfully built a data culture on the company’s organizational chart with strong communication from house to house and across departments. Whenever communication within and between teams slows down, it slows down the analysis because insights can no longer become a priority or urgency without active or collaborative efforts. With years of ROI where the competitive landscape has changed drastically in that time frame before marketers are warned of significant issues, this can leave marketing blind spots without addressing them for a long time.
Data analytics is a critical requirement just like any other department. To create a data culture, any organization will need to invest in 3 basic tasks –
- Set up specific data collection systems
We rely heavily on data, which emphasizes the importance of collecting it. Accurate data collection is essential for making informed business decisions, ensuring quality assurance and maintaining the integrity of research.
- Create continuous data monitoring systems
This includes monitoring methods that monitor and ensure the quality of each data sample created, used and maintained in the organization. It also includes review processes to ensure the integrity, consistency, accuracy, security and validity of the data.
- Analyze data and create reports for key metrics and KPIs
Going through the general Internet definition of being a process of observing, cleaning, transforming, and modeling data with the goal of finding useful information, reporting conclusions, and assisting in decision making.
To ensure that all these 3 functions are properly installed with modern data architecture, to ensure proper management and accuracy of data, organizations also need to invest in setting up dedicated data offices, such as ‘Chief Data Officer’, ‘Data Architects’. Roles should be created. ‘, And’ Data Engineers’ in any organization.
Conclusion-
Creating a data-driven culture is the key to success – data is an integral part of any organization. The data collected will be a tool to improve business processes, improve decision making, predict future trends and behaviors, and identify new ways to generate revenue.
The biggest issue that hinders organizations from establishing a data-driven culture is the mindset. For any organization, the setup of data-driven culture transforms philosophy, and the decision-making process presents a daunting challenge.
Institutions need a fundamental change in the way they work and think. Instead of organizing everything and then thinking about data and using it to achieve goals or do something better, data analytics should be used as a basis that supports and strengthens org. Data should be a basic principle like CMOS; There should be CDs that essentially focus on the data segment. In addition to other departments, whether it is finance, admin and also HR, the data analytics department should be well included. We need to make a culture shift in which data analytics is not included as an add-on but as a necessity.
Dr. Vibhuti Agarwal, Associate Vice President – Analytics, Innovator
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