What is a data-driven company?

It is an organisation where every person who can use data to make better decisions, has access to the data they need, when they need it. It is about giving the business decision makers the power to explore data independently, even if they’re working with complex or disparate data sources.

Data driven companies relentlessly measure and monitor the pulse of the business and are doing so in a continuous and often automated manner.

How to become data driven?

To become a data-driven company the belief in the importance of the integrity and quality of information needs to permeate the culture of the company at all levels. It is not enough to start a formal data governance program, becoming data-driven requires a disciplined shift in the mind-set of all employees towards maintaining the integrity and quality of their data.

Understand the current situation

Can the business draw data from a variety of internal and external sources? Can it easily blend that data, execute analytics and distil it down to actionable insights? Insights that drive real-time decision-making at every level of the organisation? What is the business able to do and just as importantly, what are the limitations?

What are the business goals?

Critical first step is to know what you are trying to achieve. Take the time to clearly define the objectives and the measurable outcomes that the business requires. Becoming a data-driven company is a method to solve and tackle problems in your organisation not the end goal.

Be imaginative about sourcing data

Silo’d data, residing in separate systems and in different business functions can lead to inaccurate or duplicated data. By enabling the business to securely access the all the data, regardless of its location, internal or external, the system or databases it sits in, will enable more thorough analysis and create innovative strategies aligning with customer demands. The ability to combine any data set, regardless of the source system, database type or location allows the business to be imaginative as to where to source data from.

Consolidate the data sources

Capitalise on the fraXses metadata approach, which analyses the database, location and actual data creating a metadata repository, which is used to build the rule sets to access and combine the data. This delivers the ability to access the data in a central data lake or federated across all the different data sources. Because “if you don’t have all your stuff in one place, you can’t do much with it.”

Make data access pervasive

One of the roadblocks towards becoming a data-driven company is a lack of data access for employees. In many companies, employees must still make reporting requests to the IT department, and then sit around and wait for their data.

So to become a data-driven company, the business must provide a robust, self-service solution for the employees. Tools that employees can use to access the data they need, when they need it.

But start small, do not try and ‘eat the elephant in one bite..’ instead pick an aspect of the business that will provide the most payback.  Becoming a data-driven company isn’t just about technology. You can’t simply deploy analytics tools and instantly become “data-driven.” It starts from the top down. It’s a culture shift.  If the business leaders don’t embrace the idea, the business will not become a data-driven company. If they continue to make decisions based on opinion and instinct, rather than data, the rest of the business will notice.

To find out how fraXses is helping organisations become data driven, speak to one of the team.