The data-driven organization: building a data strategy
The data-driven organization puts data and analytics front and center in its business strategy and throughout all echolons. It differentiates itself from competition by making data-driven optimization part of daily operations.
Many companies today are striving to become data-driven. But what does that mean exactly? More than just installing the right tools and applications, becoming data-driven is about making data and analytics part of the business strategy, its systems, processes and culture. It’s about creating a mindset in which analytics form the basis of all fact-based business decisions, and are embraced by all levels of the organization.
Just like electricity, data has become a basic enterprise asset that is quickly revolutionizing the world, enabling better, faster, cheaper business processes. Data-driven organizations are committed to gathering data concerning all aspects of the business. By enabling employees at every level to use the right data at the right time, data can foster conclusive decision-making and becomes part of the companies’ competitive advantage.
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How to unlock the value of data
Unlike traditional enterprises, data-driven organizations don’t grow linearly, but exponentially. Just look at the spectacular growth of companies like Amazon and Google, who have built their entire business models around the exploration and exploitation of information.
What these companies have in common is a data-centricapproach that goes beyond operational excellence. This requires them to put data and analysis front and center in everyday business processes, and to think beyond silos and even the company’s own walls (literally and metaphorically) to build meaningful collaborations.
The challenges of becoming data-driven
The rise of data-driven organizations ultimately creates a more transparent world and increases trust between businesses and the market. The risks of invasion of privacy, market manipulation and monopolization, however, have dominated the news for quite some time. That’s why data-driven organizations need to have a profound knowledge of new rules, like GDPR, to avoid steep fines and sanctions or even lose their license to operate.
Persistent silo thinking
While most companies agree that data should be at the heart of everything they do, the majority don’t have a solid, company-wide data strategy in place and continue to keep information siloed. At delaware we live by the principle that sharing data is a positive sum game.
Lack of data integrity
Most companies already have ample data to make insightful decisions, but most of that information is poorly managed and exploited. In other words, there is a clear need for better data management and governance
Having the right skills
According to a study by Gartner, companies struggle to meet the data skills requirements they need. More than just number-crunching, there is a fine art to data science. Finding the data-savy people who understand the company and have profound technological knowledge as well is not an easy feat.
Identifying the right technology
And finally, due to the overabundance of data solutions, many companies today are struggling to find a good fit for their specific case. Identifying the best-fitting technologies and implementing them successfully remains one of the top challenges on the road to data-driven greatness.
The data-driven world
For most companies, data and analytics are mostly important to driving operational excellence and fostering better customer relations. Innovative organizations use new technologies and insights to go a step further and rethink their whole strategy, or even come up with new and creative business models. For example, governments can provide better services to citizens, hospitals can care for patients beyond clinic walls, and companies can build data-driven platforms that invite more clients and partners to co-create new products and services and unlock new sources of value.
How we can help you
If you’re looking to become a data-driven organization, delaware isn’t just the perfect partner to get the basics right and help you build a solid data and analytics environment. We will also inspire you to update your business model based on data and provide tracks for continuous optimization, so you can continue to unleash the full potential of your own data.
Why choose delaware?
Our down-to-earth approach inspires companies to set up a successful strategic roadmap in a substantiated way:
- We take a proven, agile, structured approach
- We offer end-to-end solutions and create tangible successes through our experiment-driven approach
- We collaborate closely with your team with embedded data scientists
- We have 15 years of experience in data analytics across numerous industries
- We guide you to build a data driven culture and become a data smart organization.