Data has grown rapidly over the years as people and businesses continue to expand their capabilities. Using data properly can create real added value to a company by understanding how to better satisfy customers and streamline operations. Many companies are still struggling to transform from an instinct-driven organization to a data-driven culture. A data-driven culture can be hard to establish, but there are many ways to effectively build these customs.
The main goal of a data-driven culture is to use data as the main resource for all decision making. This process only works if all employees and management have adapted to using this practice. In a study conducted by BARC, over 2,000 business intelligence and analytics users shared that data quality and data management are the top goals for analytics in 2020. BARC analysts also noted that data-driven companies should keep data consolidated and easily accessible for employees. This is important because it allows employees to analyze data themselves and become sufficiently data literate.
Many companies have the tools to analyze data, but do not use it for information-driven decisions. A data-driven culture takes time to develop and does not lead immediately to greater business value once established. Companies must connect their analytics to challenges they are facing within the organization in order to improve business value. Business leaders and analysts are starting to understand the importance of a data-driven culture, and soon many more companies will establish this process.
About Unbounded Labs
Unbounded Labs is a brand focused on smart products the enable IoT solutions. We have the proven skills and experience in IoT engineering to solve the most challenging problems for our clients.
For more information regarding Unbounded Labs, please email Roger Tipton at Roger.Tipton@unboundedlabs.com.