Adopting And Growing A Data-driven Strategy

Fatihah Ramzi, DigitalCFO Asia | 14 October 2022

Technology, people, and process must be combined in equal parts to create a data-driven company.

In order to present customers with a tailored omnichannel experience -networked interfaces, integrated processes for automation and autonomous operations, and a data-driven culture are all required. Collaboration is also required at every level of an organization in a successful digital ecosystem.

Technology, people, and process must be combined in equal parts to create a data-driven company, and executives must view data as a strategic asset. A data-driven organization is one that is built on a solid data foundation, including a contemporary, cloud-based data infrastructure in addition to a culture and procedure intended for long-term planning. In this article we will address the role that people and culture have in implementing and developing a data-driven strategy.

Driving The Right Mindset

Enterprises frequently struggle to define their vision and take concrete next steps because they are unsure of the issues they want to address. Analyzing the “why” can help you come up with a better “what” and build the best “how,” according to a data-driven strategy. Here are some strategies for helping people and organizations recognize a vast array of possibilities:

Top-down and all-around education.  Fostering a data-driven culture starts at the top management echelon and filters down. At every stage of the decision-making process, the executives must be outspoken proponents of the data-first philosophy and must also be observed by other employees that they themselves consume useful insights from reliable data. In order to share knowledge and adapt to market demands, it is critical to foster a culture of openness and controlled access to corporate data not only within a company but also down the entire value chain.

Use analytics for staff as well as customers. The world is one where most people work online. Which is why it is so important for executives to encourage automation strongly and use analytics to spot operational bottlenecks. As a result, employees can profit right away from spending time on developing their skills and growing personally.

Spend money on specialized learning. Your company should make an investment in staff skill development to stay up with the continually changing nature of technology. Employees that have been trained to develop pet projects using technologies like cloud computing, big data, mobile computing, process mining, AI/ML, and analytics will be more confident to take on live projects and make the necessary contribution.

To access data more quickly, organizations should break down silos. The most frequent challenge businesses experience is getting the correct data at the right time. For collaboration and data democratization to be possible, departmental lines need to become less distinct. Nowadays, quick access to contextual information is essential while making decisions.

To increase data trust, spend money on the correct technologies. Making informed decisions is aided by comprehension and data lineage tracking. Purchasing an analytics catalog, which offers a unified view of all enterprise-wide analytics and data assets and assists in verifying the authenticity of data, is one approach to accomplish this.

Start making thoughtful decisions. Alternative approaches to an issue might exist. Utilize advanced analytics to predict potential outcomes and response times while weighing various tradeoffs. It is crucial to comprehend why a solution is superior and how it contradicts a core tenet.

Having The Right Partners For A Data-Driven Ecosystem

You must embrace a “we” mentality when creating a data-driven culture as it is a shared journey. To influence organizational future direction, comprehend, assess, and create KPIs for strategic objectives. You should then be able to create a universe of solution providers who might profit from working with you. Pay attention to businesses that follow a repeatable, scalable, and reliable business model. Businesses that have complementary synergies and technological fit operate well in an ecosystem. Determine if:

• The potential solution provider has the capital to contribute to the alliance.

• The partners share your desire to become a data-driven organization.

• Their overall market addressable expands your growth prospects.

• They make investments in the organization’s internal growth and learning.

Understanding that a strong data-driven digital ecosystem entails strategies focused on providing exceptional customer experience and prioritizing investments that enable company resilience with the newest technology as well as enhance employee-partner-customer growth is crucial. Such an ecosystem will support an organization’s effective digital transformation by bridging the gap drivers.