Data is the biggest value driver for businesses bringing positive change and enabling near term efficiency. Maintaining an eye on the future is so important to businesses - and it’s why data leadership is of rising value. Although currently there’s a great deal of economic uncertainty, the data community should feel optimistic; this is the opportunity to demonstrate business value, benefit colleagues and play a role in efficiency and sustainability initiatives. By Danielle McConville.
Data leads to answers for those difficult questions business leaders are challenged with. Yet business advisory firm McKinsey finds that data-driven businesses achieve sales growth of between 15 and 25 percent in business-to-business lines.
Few points mentioned in teh article:
- Why have a data strategy
- A better understanding
With the right type of data strategy in place, organisations can leverage a data-driven approach wherein they have a true understanding of where they are currently as a business, where the business needs to go next, and what strategic assets it has to get there. In addition, data can reveal industry trends or disruptions caused by technology or market conditions.
The data opportunity is more than just a short-term efficiency gain. Leading businesses are using data to gain a deeper and more informed understanding of every element of the organisation. McKinsey reports: “data-driven culture fosters continuous performance improvement to create truly differentiated customer and employee experiences.” This is leading to finance optimisation, lean inventory management, customer journey insights and buyer behaviour studies. Good read!
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