SVP Professional Services at Tential, empowering change with data, AI and application innovation. Read Emily Lewis-Pinnell's full executive profile here.
Recognizing the significant benefits in strategic decision-making, improved customer insights, enhanced operational efficiencies and increased competitive advantage, companies are increasingly prioritizing investments in data and analytics. Aof CIOs found that AI and machine learning, data privacy and compliance, and data analysis are three of the top five focus areas for 2024.
However, the implementation of advanced tools and technologies alone will not realize the full potential of data-driven outcomes. Businesses must also build a culture that values data-driven decision-making and encourages continuous learning and adaptation. This involves training and empowering employees across all levels to leverage new data tools effectively and incorporate them into the daily practices of the business.
When asked to identify the largest challenge to becoming a data-driven business, 78% of data leaders at Fortune 1000 companies said culture/people/process/organization, while only 23% chose technology limitations. A focused plan integrating people and processes into your data strategy is a critical component in ensuring that technology investment translates into expected business improvements and competitive advantage.
Creating a data-driven culture starts at the top. When leaders prioritize data in their strategic decisions, it sets a precedent for the entire organization. Leadership must advocate for, and invest in, the appropriate tools and training to cultivate a data-oriented mindset throughout the organization.For a truly data-driven culture, everyone in the organization needs to have a basic understanding of data analytics.
Transitioning to a data-driven culture is more than just a technological shift; it is a transformation in how an organization approaches problems and makes decisions. In the modern business environment, where data is abundant and insights drive innovations, building a strong data-driven culture is not merely an option but a necessity for sustained growth and competitiveness.
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