The McKinsey Global Institute recent Datamatics report indicates Organisations that are Data driven are 23 times more likely to acquire customers, at least six times as likely to retain those customers, and assuredly 19 times likely to be profitable as a result.
This statement above is enough reason to pause and critically think about your organization’s next move especially if it has no Data analytics culture. It’s imperative to understand owning a Data warehouse does not constitute to having a Data analytics culture, it only means you have cleaned your data and housed it. The question you should be asking yourself is what you are doing with all that housed Data. How is it helping your organisation to scale? This is where a data analytic culture comes in.
For an Organization that has Data warehoused, it becomes easier to build Business Intelligence Solutions on top if it and coupled with a Data analytics Culture Transforming your business becomes easy.
I am going to liken a data culture at your organization to motoring on the expressway, while driving you constantly look at data (dashboard, side mirrors, etc.) available to you for several decisions making. When you hit a bump and nearly swerve off the road, you look at your dashboard to check how fast you were driving. If your speed exceeded 100km/h, you immediately have historic data for the next bump ahead. It would be unwise when next you see a bump while driving and fail to use your historical data to understand you need to slow down to navigate the bump.
If you often wonder how a driver never pays attention to his dashboard while driving, is exactly how I wonder how an Organization has no Business intelligence and Data analytics culture. The best drivers on the road are often Drivers who are safety conscious, and you only get safety minded by constantly digesting data available to you, all data, from dashboard, sounds emitting from your vehicle, data coming from other road users (external sources). You use data from your side and rear-view mirrors to switch up lanes, to understand when other vehicles are approaching (when competitors are gaining on your business). When your vehicle emits thick black smoke and you pay no attention to such data, you are only preparing to fail in reaching your destination (Target and Goals).
Data-driven cultures need to start with widespread willingness to change and remain committed to Data-driven decision making as the standard Modus Operandi, and Senior management have to clearly state the importance of big data to improving business performance. The expectation is to create a mindset that big data analytics is part of everyone’s job, while not forgetting the necessary infrastructure for such an environment to thrive.