Data-Driven Companies: The Keys to Lasting Digital Success
The new global landscape has many companies struggling to realize the transformation that will enable them to be truly digital and data‑driven, in order to understand user behavior and respond to customer demands in real time.
The value of available information is clear. However, many companies still fail to be data-driven and to reduce bottlenecks when it comes to accessibility. So, what are the keys to success?
Adapting to the current environment
“Executives want greater speed and sophistication in decision‑making, but most of their ambition is greater than what their organizations are ready for,” reported PwC and Forbes Insights, a couple of years ago. Challenges are still commonplace and have even accelerated.
Automation and new working conditions have pushed a change in mindset when it comes to organizational culture. Using data to the advantage of businesses is no longer an option but a priority instead. Only data-driven companies manage to adapt to today’s ever-changing world and project into the future.
In 2020, the United States was the leader of data-driven decision-making within organizations.
According to McKinsey, by 2025, there are seven characteristics that will define data-driven businesses:
- Having data embedded in every decision, interaction, and process.
- Allowing data to be processed and delivered in real-time.
- Warning that only flexible data enables integrated, ready-to-use data.
- Being clear that the data operating model handles data as a product.
- Expanding the role of data manager to generate value.
- Sharing and combining data across platforms to enable easier collaboration.
- Prioritizing and automating data management to ensure privacy, security, and resiliency.
Companies that have at least one of these characteristics today are best positioned to face the road to 2025 and beyond. In fact, these are practices that can be gradually adopted, as increasingly more data is properly managed and made available to provide an in-depth understanding of the business.
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Benefits of a strategic concept
Along the same lines, research conducted by IDC among executives and managers of 1,100 organizations across 10 countries identified five key factors shared by leading organizations:
Faced with an exponentially growing amount of data as a result of unprecedented digitization, going by intuition or luck is no longer an option for companies. Data-driven organizations analyze possible scenarios with as much information as possible before making any decisions and defining their investments.
Data-driven companies are 23 times more likely to acquire consumers and 9 times more likely to retain them. They’re also 19 times more likely to achieve profits.
Adopting a data-centric approach allows you to stand out from competitors and capitalize on digital transformation, while increasing customer retention (data-driven companies know consumers well, understand their behavior and know how to better respond to their needs and concerns). Likewise, the challenge of being data-driven leads to an identification of each company’s own needs, on issues such as logistics and productivity, among many others.
Technology as an Ally for a Sustainable Organization
Data availability is just the beginning. It’s important to know how to read and connect data; otherwise, it’s like having an untapped oil field. Unleashing the power of data has an impact on the performance of the entire business and is an increasingly important requirement for its survival.
Business intelligence with projection is nourished by effective information management, identifying data behavior patterns, and seeking a better understanding of users and customers online and in applications. This is achieved by reducing complexity, ensuring faster access to data so you can respond to customer demands in real time.