Amid significant increases in the volume and availability of data, many organisations are sitting on an as yet unrealised opportunity to translate the information they already own into insights that can fuel innovation, drive top and bottom line performance improvement and provide the basis for completely new business models.
Becoming data-driven is a mind-set change, not a one‑time project. It needs visible and tangible commitment to becoming a learning organisation that innovates fast, learns from its successes and failures, and leverages those learnings across the business – in every business unit and every market. The effective use of data lies at the heart of it, as the foundation for insight, knowledge sharing, collaboration and innovation.
Small changes can make a massive difference. For example, consistent application of post-evaluation disciplines for every material commercial investment decision that capture the lessons learned in a way that can inform future investments can improve demand generation spend effectiveness by 20 percent plus. And when it comes to true digital transformation – improving the business of today and enabling the business of tomorrow – it will be data and insight that lie at the heart of transforming customer relationships, streamlining operational effectiveness and creating new business models. The challenge for businesses is whether they can successfully embed the changes needed.
Click here to find out about the five critical steps for transforming data into a strategic asset, and ten key questions you should be asking yourself.