Through Data-Driven Culture To A Data-Driven Company
“Data is the raw material of the 21st century” – people have been talking about data-controlled or data-driven companies for more than ten years. The term “data culture” or “data-driven culture” is relatively new, but not its actual meaning. A prerequisite for a data-driven company is a corresponding attitude or culture towards data, its processing and accessibility. Instead of relying on pure gut instinct, numbers and facts come to the fore to make better decisions.
What Does Data-Driven Mean?
Data is thus becoming the No. 1 resource in the entire company – be it in marketing, controlling or human resources, for example. This also means that all employees, regardless of their tasks and positions, can make decisions using data – based on data culture. This means that relevant data and information are available at the right time in the right way and, if necessary, with the context needed so that employees can use them and thus make the right decisions. The data type is diverse – from simple vital figures and KPIs, such as profit or sales, these can also represent analysis results and other data types.
What Are The Advantages Of A Data-Driven Culture?
The main advantage of a data-driven culture is that the data-driven culture enables all employees to use the available data, for example, to generate suggestions for improvement. In this way, potential in the company can be better fully exploited. Corporate goals can be achieved more quickly, and advantages over competitors can be made more visible.
What Are The Requirements?
Several things must be considered for a data-driven culture to be successfully established in a company. This includes:
- The actual access to the data
- The development of data governance
- Adequate data quality
- Suitable technologies and systems for analyzing and processing the data
- Methodical knowledge of employees
The “impulse” to establish a data-driven culture within the company can come internally and externally. Above all, it is essential that the management opposes the change positively and supports or actively promotes it.
Efficient Business Intelligence (BI) For A Data-Driven Company
An effective way of analyzing company processes and data is required to ensure efficient working methods and well-founded decision-making. Business Intelligence helps to visualize process flows using raw data and to display the results precisely. End users (managers, IT, controlling and business users) can view and edit this information as required. Business Intelligence is particularly suitable for gaining a broad understanding of data and processes in the company. With a data-driven orientation, it is possible to quickly access desired information that is adapted to the dynamics of the market to be able to make better decisions.
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The topics of agile BI development, advanced analytics, analytics teams and data labs have also gained importance. According to Bange, agile BI has now become a popular development approach. The growth in advanced analytics makes it clear that companies need to use data more advantageously.
Companies must build a data culture to get data under control in the long term and effectively. All employees must have access to relevant data and the right tools. Business intelligence solutions help draw attention to pertinent information. When implemented correctly, a good data culture motivates employees to find new solutions and improve processes.