An article published earlier this year by The Economist appropriately likens the “data economy” of this century to the oil economy of last century. Data is becoming the most valuable resource on the planet and is overflowing business’ pipelines everywhere. But companies need to know what to do with their data if they want to reap the benefits of its power and what it can achieve.
In today’s business world, companies need to do much more than collect even more data than they did in previous years. Many companies already have more data than they know what to do with. Instead, companies need to figure out the best ways to actualize the data they have—to use their digital oil to promote and energize company growth and innovation.
If companies have a sincere desire to be successful, they’ll need to build a data-driven culture that permeates all facets of their businesses.
A truly data-driven culture will encourage employees across the organization, regardless of their functions, to consult data when making decisions. Evidence-based decision-making across an organization promotes efficiency, innovation and profitability.
In the words of Brent Dykes, “Building a data-driven culture will be what separates leaders from followers in the data economy.”
Dykes is Director of Data Strategy at Domo, a cloud-based, next-generation business intelligence platform. He’s been helping well-known enterprises with their digital analytics for nearly 15 years, and received the Most Influential Industry Contributor Award from the Digital Analytics Association (DAA) last year.
At the upcoming 2017 Analytics Summit on November 9, Dykes will present, “Effective Strategies for Building a Data-Driven Culture.” Register for the 2017 Analytics Summit to gain access to Dykes’ presentation and presentations from 26 other data-driven professionals who will cover topics focusing on trends, technology, and techniques to watch for in 2018.
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