Data is a valuable resource but so are people. In the age of bigger and bigger data, the two must work in tandem. For executives, one of the biggest challenges they are facing right now is how to effectively transition to a more data-driven culture.
Unfortunately, only one-third of executives say that they're efforts have been a success. In fact, the numbers are very alarming as the vast majority of companies are coming up short when it comes to making that cultural shift. Here are the numbers from the 2019 Big Data and AI Executive Survey:
- 72% of survey participants report that they have yet to forge a data culture
- 69% report that they have not created a data-driven organization
- 53% state that they are not yet treating data as a business asset
- 52% admit that they are not competing on data and analytics
Making the move to a more data-driven culture is a complicated affair. It is as much about people, as it is technology. For any cultural change to be effective it must happen on three levels; organisational level, team level and individual level.
More specifically, here are 5 best practices for a smooth transition to a more data-driven culture...
1. Make Good Choices
Harvesting all of this data is more cost than value if it’s not being properly used to make decisions. CIOs need to lead the charge in a top-down approach in order to create a data-centric culture by creating processes for decision-making that reflects data insights.
They also need to empower analytics centres to provide automated insights and encompass data from a wider range of channels. Data without decisions is like burying your money in the ground. I’m sure we’re all aware of the importance of big data in the next frontier of IT and tech, but I’m not sure if most firms are fully utilizing data to its full potential.
Data is not merely a reporting or tracking tool anymore. It has become the impetus for top-level decision making that allows technical coordinators to automate tasks and improve efficiencies at their organization.
2. Make Your Data Accessible
To become more data-driven, CIOs and their staff need to become more data hungry. Opening up your tools to broader data pools can provide more insights for your business.
For marketers, this includes targeting different channels and devices for behavioural data. For IT staff, this includes tracking product builds down internal pipelines and implementing greater user review and testing protocols for more feedback.
3. Increase Your Organisations Data Literacy Skills.
Simply having this information at your disposal is not enough to become more data-driven. There’s a reason that data science is one of the fastest growing fields in tech right now. Businesses need to create a glossary of metrics to track, that all members of an organization can recognize.
4. Create objectives that align with your data
Using a variety of tools, you may find that data will differ drastically among different sets, even if targeting the same users over the same period of time. Each API is different, which is why it’s critical that staff members are aware of these nuances to create more cohesive strategies that reflect the data being shared.
Beyond this, CIOs need to create data-centric goals and track actionable KPIs that deliver value to a business. From conversion rates to app retention metrics, data should be used in an actionable way that both improves internal processes and end-user goals. From sales and finance, to project management and service-level experiences, data should be rooted in goal-oriented tasks.
5. Purchase the right tools
CIOs are starting to accelerate the adoption of machine learning tools into their daily workflow to automate manually exhaustive tasks and improve operational inefficiencies. From creating data quality assurance checks to providing automated recommendations from large data sets, machine learning is transforming the way we do business.
The best way to fully leverage this technology is by investing in business intelligence portal. Business intelligence software is a centralized data portal where all members of an enterprise can access data and receive recommendations. For IT staff, these insights can be used to create better end-user products and also resolve issues in their existing information architecture.