Gone are the days when IT departments were where the data lay. Now, for a business to be successful, you must be a ‘data-driven company’.
What is a Data-Driven Company?
It lies in the business value.
- Is your data tied to business objectives?
- Do departments conduct data and analytics projects in silos?
- Is the organization trying to solve the same problems?
A data-driven company starts by focusing on the core objectives…
What are we trying to achieve as a business?
Followed by…
What technologies or processes do we have to put into place to be successful?
By aligning on the common question as a business, first, you ensure that every department understands how their work fits into the bigger picture.
What separates a data-driven company from a non-data-driven company? Click To Tweet
Example:
Let’s say one company’s objective is to displace a competitor that’s gaining market share. When that objective is trickled down to every department, it means:
- Sales are not just trying to meet quota; they’re specifically looking at deals where they are losing or gaining to that competitor.
- Marketing is not just looking to produce leads; they’re evaluating the quality of leads based on if those leads are comparing the company to the competitor’s messaging.
- HR is not just focused on talent and recruitment; they’re looking at the skills and roles that the competitor is made up of, and how that compares to their org.
- Finance is not only focused just on budgets but how spend is allocated towards competitive research as a priority.
Only then can each department understand the bigger implication of their work, and the data they need to get answers to those questions.
So is your organization a data-driven one or not?
You might think you are, or you might be surprised to find out there’s a ways to go.
How does your company stack up?
Download the checklist and see…
Related Data Modernization Resources:
- Roadblocks to Building a Data-Driven Culture & How to Solve
- Culture, Not Technology Makes You a Data-Driven Company
- How to Have a Data-Driven Product Development Mindset