'Data-driven organisations are 23 times more likely to acquire customers, six times more likely to retain customers and 19 times as likely to be profitable'
What every organisation wants to do is to truly embrace its data
A data-driven culture thrives when senior leaders are engaged, data silos are eliminated and data is treated as a strategic asset of the company, that drives internal efficiency and customer retention rates. The key to success is having simple data insight objectives that deliver efficiencies and world class customer experience when it matters most. Organisations that prioritise the data literacy of their workforce encourage data confidence and they consistently share learnings and wins to keep everyone moving in the same direction.
Data-driven organisations are 23 times more likely to acquire customers, six times more likely to retain customers and 19 times as likely to be profitable, according to McKinsey Global Institute. Yet, many organisations still struggle to become insights-driven – not because they don’t have the technology, or the ambition, instead it comes down to being deliberately focused on driving a data-driven culture.
Our top 10 insights for creating a data culture change in your organisation:
1. Culture starts at the top
Support from the executive level is critical. That means prioritising the use of and actively engaging with data across the organisation. Ensure data is given the focus, budget, and resource it needs to be leveraged and gain value. Championing data from the top level sends a powerful signal to the organisation about its leadership’s commitment to creating a data-driven culture.
2. Embrace and connect with your analysts
Create opportunities for individuals and teams who use data to share and collaborate – no more silos. Foster an environment that connects users, supports learning and growth, and allows employees to harness and share the insights as they’re discovered.
3. Make data accessible to everyone
Data being treated as an organisational asset is the key. Accessible data has the potential to form new ideas and insights. That’s why business leaders advocating for new skillsets and processes that imbed data as a decision-making tool in all areas of the organisation. Accessibility means putting time and budget into the data literacy of your people too. If teams know how to use organisational data, the result will be high engagement.
4. Find quick wins
From the beginning, identify low-hanging fruit – projects that can be executed without too much initial monetary or staff investment. Projects with shorter lifecycles and more easily definable goals and objectives can help foster an early sense of achievement and open other opportunities for leaders to make data an asset to the company.
5. Deliver fast, test, learn and reiterate
The best way to show value quickly is to adopt rapid experimentation. Analyse the results you’re able to achieve in a short time – this will also give you a good sense of the data quality, technology, and skills you have or want to deliver desired results, so you can learn and improve. Then start the process again. Balance constant delivery with larger, more complex projects to keep the business engaged.
6. Keep it simple
Data-driven does not mean complicated, not everything will be straightforward to resolve. When determining your data objectives, whether they’re company-wide or project-specific, they will want to be clear. Focus on finding simple solutions to the problems that will drive the most value, like making smarter decisions and improving operational efficiency.
7. Contribute to business objectives
Your data-centric goals will also want to align with overall business objectives. Data helps focus your attention on the smallest details that can solve your biggest problems. Find ways to use your data in an actionable way to improve internal processes and, ultimately, customer experience.
8. Empower people
Not all employees will have the skills to pull insights from data, but with the right training and access to tools, they can learn. Organisations that prioritise data literacy will reap the benefit of a workforce that can better manage and analyse data.
9. Consistently share your data vision
Everyone in your organisation wants to understand what it means to be data-driven – and how it impacts their work and overall business objectives. Share your vision and involve your team so they believe in the vision. Only the team will be motivated to become your agents of change – and the only way that will happen is through continuous and consistent communication across the organisation.
10. Share learnings and successes
Business leaders ensuring lessons learned and quick wins are filtered throughout the organisation, are reaping the rewards, and gaining market advantage and gaining market advantage, stay ahead of the game!
At Data Insight, we help New Zealand businesses leverage the power of data, strategy, and analytics to accelerate data transformation, so you can get a win on your toughest data challenges.
Get in touch with the team today for support on your data journey - firstname.lastname@example.org