How to Turn Your Business Into a Data-driven One
Even though Big Data has become a common expression in the business world, many companies are still not taking advantage of it. The lack of technical skills in the area is not the only factor that diminishes their capabilities to exploit data, but rather company culture.
Many companies believe that simply hiring a data scientist is enough to turn their business into a data-driven one. However, a data scientist is only useful when you are trying to solve a specific problem in the company. Being a data-driven business means more than simply hiring a few data scientists. Being a data driven enterprise means that data analytics doesn’t belong to the IT department, but to all the departments. It also means that the right data can be accessed by any employee at the right time: employees should not be waiting for some data all day long, while the data scientist is working on the data. In short, turning your business into a data-driven one means that all the employees should be able to collect, analyze, and learn from data to improve decision making.
Here are 6 ways to achieve this:
1. Encourage data scientists to work in partnership with every department.
2. Democratize data by offering training to employees so they can all be data literate. This involves teaching the basic of SQL or any other language used by the company to manipulate data.
3. Define some KPIs that are important to your business and decide which department is monitoring which metrics. During business meetings they will be the ones presenting them. The marketing, the IT, the financial/accounting department and any other department should have some specific KPIs to track and the tools to achieve this should be given to them
4. Send a clear message to the employees that no decisions will be taken if it’s not backed up by data. Because let’s be honest, without data, you are just another person with an opinion!
5. Try to not rely on one metric for business decisions. Encourage employees to express one measure of success through different metrics.
6. Encourage employees to explore new questions and solve problems through data exploration.