Becoming a Data Driven Organization

Data-driven organizations are the ones that remain most competitive. According to a report from the McKinsey Global Institute, this approach results in a 23x greater likelihood of customer retention, and a 19x greater likelihood of profitability. Ready to empower your team to leverage your data for optimal results? Here are a few tips to transform your company’s capabilities.

  1. Collect, Clean and Standardize Your Data

Data is a critical asset to any business. Start from the ground up by collecting quality data that your organization can eventually use to discover insights. Make sure the data is accurate, consistent, and relevant for the assessments you wish to make. Questions cannot be addressed without these fundamental building blocks.  Remember that customer-provided data is often not standardized and can be outdated, so work with a trusted data partner to keep your information clean.

  1. Form a Data Democracy

Data that is siloed in different departments is difficult to fully leverage. Companies that are truly data-driven believe in shared data that is accessible by many departments, from business intelligence to marketing and even vendors. Allowing groups to build their own dashboards, analyses, and reports gives them the opportunity to gather insights specific to their objective.

  1. Compare Internal and External Data

Be sure to compare your internal data with externally-derived data.  Look outside your organization to affirm what insights you gather.  Additionally, see what attributes or demographics you can append to your data to further enhance your knowledge about your customer.

Becoming a data driven organization all starts with the right data! With in-house capabilities, Redi-Data offers a complete range of data services that can be customized to fit your specific business needs. Our data professionals will help you turn the best data into better business.