Data Driven Business
Data-driven organizations make informed decisions based on empirical evidence rather than assumptions or gut feelings. By collecting and analyzing data, they gain insights into their operations, customer and market trends and use these insights to improve their performance and better serve their customers. Data-driven organizations can make more accurate predictions, optimize processes, and allocate resources more effectively to increase efficiency, competitiveness and profitability.
Data is pervasive in every organization, and data growth is unstoppable. At a minimum, organizations use data about the core elements of their business, such as customers, sales, suppliers, purchases, employees, manufacturing, and inventory. Data originates in separate systems like CRM, ERP, HR, and Accounting. And it’s stored and processed in hybrid geo-distributed on-premise and cloud locations. You have data all over the place, and it’s challenging to combine, store, govern, and curate it to be usable.
These aren’t new challenges. Fortunately, the data and analytics industry continues to evolve, with tools and approaches that diminish the challenges and make it easier and faster to use data in powerful new ways. Once your data is ready, you can analyze it, create reports and operational dashboards, discover new insights, and develop AI to predict outcomes and recommend actions.
You can do endless super-cool things with your data. But to be data-driven AND experience outstanding organizational performance, you need to do the right things. Seeing and prioritizing what to do with your data has to be a business-led endeavour, and how business and IT groups work together determines success or failure.
