Many businesses understand the potential benefits that the wider exploitation of data can bring to organisational insight, efficiency and effectiveness. However, comparatively few have embedded it deeply enough in the way they work to see the benefits first hand.
But, when organisations can collect, analyse and act on it with maximum efficiency and impact to achieve their goals, they have the basis for creating a ‘data culture’. The extent to which leaders and stakeholders embrace the right processes, attitudes, behaviours and technologies, however, plays a huge role in whether they can deliver success.
For instance, data culture can only develop when key stakeholders engage with the processes and technologies that turn numbers into knowledge. Our latest white paper offers insight into how leaders can approach these challenges, and when they do, what potential exists for positive impact.
Similarly, every successful business is capable of collecting and acting on immediate financial metrics – particularly to guide short term decision-making. However, a business armed with data-driven insight about major issues such as its relationship with customers, key internal KPIs and the impact of its learning and development strategy will always be better placed for long term success.
Most organisations already have some or all of this data in their possession, but their internal culture doesn’t enable them to act on it. Our recent joint webinar with Microsoft looked more closely at these issues, examining how organisations can integrate more of this existing business data into their daily decision-making. In particular, the ability to take existing datasets and sources, manipulate and visualise them in a format that improves performance sits at the heart of modern data culture.
Take the CFO role, for instance, where traditional approaches to financial data often don’t let them see the real trends in the most important areas of the business. Instead of looking at every financial metric, CFOs need the ability to drill down into the detail to visualise nuanced problems and opportunities. Data culture bridges this gap between the raw information and the meaningful insight, allowing CFOs and every leadership figure to understand the past, present and future.
Every business can build its own data culture to more effectively control the factors that help make it a success. This doesn’t mean they have to change their ethos, values or what has brought them this far, it instead relies on embracing an approach that blends process and technology to use data to its maximum.