Did you know that only 50% of companies’ structured data is actively used in making decisions? So, if you are striving to make your business more data-centric, you are not alone. The good news is that embarking on your enterprise data journey pays… literally.
Organizations that have a strategy for their data and have a leadership role to guide its implementation see significant growth across industries. And, by 2025, CDOs who establish value stream-based collaboration will significantly outperform their peers in driving cross-functional collaboration and value creation.
Only 50% of companies structured data actively used in making business decisions.*
Companies that have invested in a Chief Data Officer between 2017-2022 saw as much as 42% more growth than those without a CDO.*
*Statista ID 13615589, 2023
As a leader, setting a clear strategic vision that is directly tied to business goals is key. Picking clear objectives with measurable outcomes and outlining actionable steps to achieve those goals will allow you to quickly make progress on your journey – and demonstrate a return on your investment.
Change can be difficult, especially with efforts as foundational as enterprise data management. Considering the business and process impacts of transforming into a data-driven company early on in your journey is crucial. Engage business users up front, and seek input along the way to maximize your investment and lay the foundation for lasting impacts.
80% of analysts’ time is spent simply discovering and preparing data – and this is largely due to organizations using disparate channels, tools, standards, and processes to manage their enterprise data. Starting your journey by outlining what data and business processes live where is a foundational first step to making that data work for you. Once you understand the scope of what you have, you can begin to refine all of the ways you can leverage your data to drive crucial decisions and business goals.
If you are just beginning your transformation into a data-driven organization, you might not have prioritized hiring to have the right skills in the near or long term to make your transition sustainable. Whether you choose to invest in having the right resources in house, or outsourcing them, the first step to having the right people in the right roles is to clearly define the roles and responsibilities you need to have in place to develop and maintain Data Governance processes and standards.
No matter what obstacles you are facing to becoming a data-driven company, Infoverity can help you on your way. We have a results-driven approach that aligns your requirements and our thought leadership with clear, achievable steps to help you get the most from your enterprise data.
We look at your data requirements from a business point of view, creating a data strategy that is directly aligned with business objectives.
We identify various profitable use cases for different aspects of the organization and ensure they are supported by the right technologies and platforms.
We integrate solutions that prevent data silos and ensure that data is available to provide clear actionable insights.
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