In terms of business intelligence (BI), siloed data is useless until shared across the enterprise to form intelligent insight that drives more informed decisions. The ability to generate these more accurate and timely determinations is what makes today’s companies successful. But creating a data-driven culture is not easy.
According to a report by the Economist Intelligence Unit and Tableau, companies that rate themselves significantly more advanced than their peers in data usage are three times more likely to rate themselves as substantially ahead in financial performance. The ability to identify challenges, spot opportunities, and adapt to change is critical for survival in today’s fast-moving, highly competitive environments.
Establish a Vision
A data-first approach must be embraced at the top, so it is imperative to get C-level support. When asked what strategies have proved successful in promoting a data-driven culture, 50% of Economist/Tableau survey respondents cited top-down mandates and guidance. Recognition of this importance was even higher among executives from top-performing companies: more than 66% emphasized the importance of C-level leadership on data issues.
The report noted that there is limited correlation between financial performance and the size and type of data used. Although industries utilize a wide variety of data, what doesn’t change is the transformative power of the data to scale growth and eliminate process bottlenecks as part of overall business process automation.
Empower Employees
Fostering a centralized approach to data and anchoring it to daily business operations is mandated by 76% of executives from the top-performing companies compared to 42% from companies that lag their peers in terms of centralized repositories. But spotting trends and visualizing results is not a skill that should be limited to data specialists. All employees should be encouraged – through training if necessary – to integrate data into their day-to-day operations so data is at the heart of all important decisions.
Share the Data
Top-performing companies view their data as priceless corporate assets accessible to everyone in the organization. They promote a culture of data collection across departments and are bold enough to make decisions based on data that may on the surface seem counter-intuitive. Successful organizations establish secure mechanisms for the collection, storage, and analysis of data and leverage that data for evidence-based insight on corporate return on investment.
Steve Sadler, CEO of Allegiancy, stresses the importance of creating a culture of action through consistent data-driven discipline. Organizations that leverage technology to understand data relationships will find that their predictions will be surprisingly accurate. “This forward-leaning approach is fueling efficiencies that can propel companies to the forefront of the industry," says Sadler.
About AllianceTek
As a BI solution provider, AllianceTek has helped transform organizations into savvy companies that use BI to monitor their performance, see what’s on the horizon, correct course before problems occur, and pursue new opportunities. We have a team of technologists who stay up to date on the latest trends in technology so they can offer leading-edge BI solutions.
