How to become a data driven business?
To successfully survive through this competition, businesses should be able to create and sustain a data analytics vision. To stay on top of the competition and have an added advantage over the others, you must become a data driven business. A data driven approach help businesses to optimize existing business goals by using all the information they have.
1. Identify information to analyze
2. Establishing where data lives and who is responsible for it.
3. Have a clear understanding of how the data can be captured effectively.
4. Turn the insight into action: Design a plan to convert your insights (gained from analytics) into action. This will boost the bottom line for your business.
5. Ensuring that analytics isn’t a paralyzed function but is integrated into the broader business.
6. Data should be available to employees outside technical departments so that they can use data to measure performance, evaluate improvements, and learn about the business and customers’ patterns, the better.
7. Accessible data empowers a broad base of employees to find anomalies that can be important opportunities or warnings.
8. There should be a scope of improvement, experiment and innovation.