Organizations have always relied on data. The difference between mid-1990’s and today as an example is that the cost to find the right data has dramatically gone down. We know the costs of a microprocessor and memory chip in the last 20 years have gone down exponentially. With that the data storage volumes and the algorithms capabilities to find the right information fast have gone up exponentially as well. While all of this were happening, companies have adapted to these changes and evolved and some companies like Amazon and Google and many more have grown during these 20 years. What is common between Amazon and Google is that they help you search through volumes of data and provide you the most relevant information for you in the least amount of time to make a purchasing decision or any other form of life impacting decision.
Now, finding faster and better data for actionable decisions is becoming a need in every organization. When thinking of transforming a company to be data driven, start with thinking broadly on how do People, Process and Machines in your company interact with each other? Understand how the organization is generating, searching, consuming data and making decision to take actions. Companies do function like a living organisms with data acting as the blood in the body. The more efficiently and effectively the blood flows, the body remains health, so is the effect the data causes to the organization. All of this is not as complicated as it appears. Executive and management need to look at this as a structured exercise and a journey to get to the better state in data usage than the current state. There is no destination in this journey of becoming more data driven; instead there is more of becoming a company in a more evolved state than the current state.
In Summary, to transform a company to become data driven, three key steps are needed
1. Know your Data,
2. Formalize your Outcome and
3. Be ready to change the fundamental of the business supported by data evidences.
Above all, be ready to foster a culture of exploration of data and raising the questions and finding the relevant answers. Interested to learn further, listen to a live customer at the webinar on How to become a Data Driven Organization ?