Businesses seek digital transformation solutions to align their people, processes, and technology toward becoming a data-driven organization that can leverage data to drive unparalleled business value. For this, businesses must fundamentally shift how they operate and compete. As explored in our previous blog from the data-driven success series Unlocking Success: The Importance of Being a Data-Driven Organization, the journey toward harnessing the dataset’s full potential begins with understanding its critical role in driving business success. However, understanding alone isn’t enough, as an organization needs to take some vital steps to overcome the intricacies of leveraging data-driven insights.
80% of organizations aiming to scale their business will fail without a modern approach to data governance.1
Define a Data Strategy
A comprehensive data strategy, mapped out with your business objectives, lays the groundwork for becoming a data-driven organization. To successfully implement this, an organization must identify key data sources and work towards defining relevant KPIs and metrics. To get started in an organization that has no previous data-driven culture, it helps to outline specific data-driven projects to fuel growth and innovation.
Build a Data-Driven Culture
For an organization stepping into unchartered territory, data-driven decision-making must be advocated from the top, i.e., Executive Leadership, so there is appropriate buy-in. This advocacy has to be supplemented by active employee engagement with data that fosters a culture of experimentation and learning. The most challenging part of building a data-driven culture is breaking down barriers across departments through data sharing, as there is a need to adopt holistic decision-making, allowing for a more comprehensive organization-wide perspective rather than teams seeing only a fragmented view of the organization. The holistic view helps to optimize processes and improve overall performance.
Invest in Data Infrastructure and Technology
Data-driven organizations need to leverage digital transformation solutions that help implement the proper infrastructure and technology to manage and analyze data effectively. These solutions leverage cutting-edge technologies such as cloud computing, machine learning, and AI so organizations can unlock the full potential of their data assets by investing in secure and scalable data storage solutions that ensure the safety and accessibility of their data. Digital transformation solutions also require utilizing efficient data processing platforms, which are crucial as they streamline the process of turning raw data into actionable insights.
More than 90% of companies have prioritized data initiatives for the year ahead.2
Ensure Data Quality and Governance
Implementing robust data governance policies and processes helps maintain consistent, accurate, and reliable data across the organization. This involves establishing clear data ownership roles and defining strict data quality standards. Continuous auditing and data monitoring should ensure the organization is always compliant, thereby maintaining high-quality data that drives better decisions and operational efficiency.
Without good governance, your teams end up spending 30% of their time on non-value-added tasks such as data sourcing, processing, cleanup, and manual reporting. This affects their productivity substantially.3
Foster Data Literacy and Skills
Employees’ encouragement of experimentation and data-based problem-solving leads to leveraging the power of data in decision-making and consequently driving better results throughout the organization. Organizations that invest in programs are likely to build the data literacy of all employees, helping them understand and leverage data. They should be exposed to more accessible data visualization tools to help them understand even the most complex information. Giving employees the tools and resources to build their data skills is at the core of a data-driven culture.
Why Outsource Data Management?
Outsourcing data management assists organizations in building an infrastructure without undue strain on resources. It reduces the cost of having full-time, dedicated in-house human capital and infrastructure while allowing fast scaling to increase the data management needs of a growing business. Moreover, it makes workflows more efficient and data more readily available. It enables teams to work at the highest productivity with optimized data quality for reliable analysis and backup and recovery plans that minimize data loss and guarantee business continuity.
According to McKinsey’s Global Data Transformation Survey, data governance was one of the three reasons that led firms to “eliminate millions in costs from their data ecosystems and enable digital and analytics use cases”3
Premier BPO: Your Partner in Data-Driven Success
Premier BPO is your strategic partner in helping you transition into a data-driven organization by offering comprehensive database development and management services critical to your success. These services are designed to ensure your data is stored and actively managed to support decision-making and strategic initiatives by integrating data across all levels of your business. Premier BPO helps create robust and scalable databases that align with your business needs. Ensuring your data is organized, secure, and accessible allows for efficient data retrieval and analysis. Furthermore, Premier BPO continuously refines and optimizes your databases to improve performance and support growing data demands. Premier BPO uses powerful technology tools to manage and optimize your databases effectively. Premier BPO goes beyond just managing your databases. For organizations to become data-driven, it is a vital strategic move that requires taking solid steps to ensure data quality, security, and governance are at the heart of their operations by adopting a robust framework for managing and governing their data effectively. The next installment in the data-driven success series will delve into the critical role of effective database management in supporting a data-driven organization.
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