Why do organizations need data-driven culture?
According to a 2021 survey of Fortune 1000 companies by New Vantage Partners, only 29.2% respondents have reported achieving transformational business outcomes and 30% have a sound data strategy. Companies that invest in data analytics and AI benefit from effective, evidence-based, and data-driven decision making through methodically grouping and segregating the existing data and making it flow across the organisation to relevant teams as and when needed.
Data culture refers to the values and behaviours of individuals within an organization pertaining to data-related subjects. Almost all the organizations collect data in some or the other form. Therefore, all companies do have a data culture. Almost all the organizations collect data in some or the other form. Therefore, all companies do have a Data Culture. Data-Driven culture is the data culture of a specific quality, specific data-related capabilities of an organization. What it really is –
- Decisions at various levels are made on the basis of insights extracted from quality and aptly-governed data
- Leaders encourage seamless access of data across the organization
- Workforce participates and demonstrates seamless collaboration of data skills and competencies.
Download this insight report to learn –
- What is data-driven culture and why should we embrace it?
- What are the benefits and challenges in becoming data-driven?
- Where should the organizations start?