K
Kathleen Martin
Guest
In the not-so-distant past, data was key to only a handful of back-office functions. Today, it has become valuable for all businesses, and the importance of its strategic management is only increasing. According to 2014 data from McKinsey, intensive users of customer analytics are 19 times as likely to be profitable as non-intensive users, and 23 times more likely to outperform in customer acquisition. For me, there is simply no avoiding the signs — it is data or die.
However, being a data-driven organization involves more than data infrastructure or bringing on data experts. To be a truly data-driven organization, you should weave data into every fabric of the organization — from tech to culture. But first, why is it even important for an organization to be all in?
Everyone loses when business strategy and data strategy are not aligned.
Emerging technologies can enable the next generation of data management capabilities. However, without a solid data strategy, the organization’s business goals may suffer, which can result in:
• Inaccurate forecasting.
• Missed revenue goals.
• Poor decision-making across all business units.
• Misguided marketing.
• Unnecessary costs.
• Wasted time.
As the vice president of marketing at a provider of a data operating system, I would emphasize the need for both business and data strategy. Investments in data and analytics initiatives have arguably never been stronger, and yet some companies still struggle to become fully data-driven. According to a 2021 NewVantage survey, only 24% of companies surveyed have developed into data-driven businesses, and the most significant impediment was culture, business processes and technology.
Continue reading: https://www.forbes.com/sites/forbescommunicationscouncil/2021/12/29/are-you-really-a-data-driven-organization/?sh=61fb46d43906
However, being a data-driven organization involves more than data infrastructure or bringing on data experts. To be a truly data-driven organization, you should weave data into every fabric of the organization — from tech to culture. But first, why is it even important for an organization to be all in?
Everyone loses when business strategy and data strategy are not aligned.
Emerging technologies can enable the next generation of data management capabilities. However, without a solid data strategy, the organization’s business goals may suffer, which can result in:
• Inaccurate forecasting.
• Missed revenue goals.
• Poor decision-making across all business units.
• Misguided marketing.
• Unnecessary costs.
• Wasted time.
As the vice president of marketing at a provider of a data operating system, I would emphasize the need for both business and data strategy. Investments in data and analytics initiatives have arguably never been stronger, and yet some companies still struggle to become fully data-driven. According to a 2021 NewVantage survey, only 24% of companies surveyed have developed into data-driven businesses, and the most significant impediment was culture, business processes and technology.
Continue reading: https://www.forbes.com/sites/forbescommunicationscouncil/2021/12/29/are-you-really-a-data-driven-organization/?sh=61fb46d43906
