How to adopt a data-driven culture in your organization

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Organizations worldwide are constantly faced with the task of managing a large amount of information, which has led organizations to recognize the unique and economic value of developing a culture. Data driven.

In fact, according to a study conducted by the McKinsey Global Institute, there are data-driven companies 23 times more likely to get customers6x more likely to retain customers and 19x more likely to turn a profit.

However, despite the abundance of technological tools, mechanisms and knowledge built around data, the construction of a culture Data driven is still perceived as A distant goal in many organizations.

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The benefits of a data-driven culture

With the above in mind, Julian González, Experian’s head of pre-sales in Latin America, explains the benefits of driving a data culture:

1. Make agile decisions and with greater confidence based on data that is measurable and quantifiable.

2. And be proactive because data allows me to create Predictive modelsThis allows me to make early decisions.

3. Increase the probability Permanence and success Organization based on safe and ethical use of data and information.

4. Act with awareness and transparency in decision-making, thanks to available data and information.

5. Answer the organization’s „why,” for example, Why is it good to introduce this product?This way the payment is, among other things, based on the data

6. Identify new business lines as a result of all of the above, i.e. early, agile and reliable decision-making based on using data in a secure and ethical manner.

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How to achieve data drive?

González reveals the 7 steps to achieving a data-driven culture, „Although every organization is a different world, with different needs, skills and resources, there is a common path that can be summarized as follows”:

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1. Leadership from the top: This should start from a shift towards a commitment to incorporate a data-driven culture From higher headquarters For it to permeate other levels of the organization, i.e., the trust of those responsible for the business.

2. Measure uncertainty: It is knowing that many times the data is not 100% complete, but it is there Ability to quantify uncertainty Use all available data to make decisions, considering the probability of error and/or risks.

3. Fail fast, learn fast: It’s about embracing the culture of error. In other words, understand that you learn from mistakes, and understand that the learning process is continuous and dynamic.

4. Need technology and tools: It is about having and using appropriate technology and tools to accelerate the learning process. Understand that learning is about finding new ways to solve problems with available technologies and tools.

5. Training program on data based decision making for various members and areas of the organization: Trains consistently with established goals in this regard.

6. Have a common language: It is based on data rather than personal feelings, which refers to the tendency to measure and make fundamental decisions based on this information, data and/or measurement.

7. Data scientist: It’s about collaborators working as „data scientists”, being grounded within the organization, meaning they can understand the business. This means the organization can democratize access to information across the organization. Likewise, a „data scientist” must have access to all areas and the analytics department is not isolated from other departments.

“The development of a data-driven culture within organizations requires the deployment of a sound data governance plan. Information extraction and storage capabilities, application of big data and machine learning To harness the capabilities of artificial intelligence through business”, concluded Julian González.

Link: A practical guide: How to adopt a data-driven culture in your organization Published in Valora Analytic – Economic, political, stock market and financial news.. All rights reserved.