Guide to Transform into A Data-Driven Business, Part 1

Intro

Risking your company’s future on intuition and educated guesses will not sustain a business in the long term in today’s data-driven market.

Make the data start to flow.

Per Newton’s first law of motion, an object at rest will remain at rest unless it’s acted on by a force from outside itself. It would be good to make a first law of data that follows this observation from Newton, since enterprise business data functions in the same manner: Data that stays at rest tends to remain at rest unless acted on by an outside force. Research has demonstrated that the way data flows around the perimeter of a business’s network can be used to predict financial performance—thus it’s crucial to get data to start moving, and to build interactions around this data by putting it into the right contexts with the right people.

Make decisions about products according to the data.

This method of becoming data-driven appears to be obvious, right? One of the largest obstacles faced by big enterprises is that there’s often no individual source of data to leverage. The data from customer interactions, for example, needs to be aggregated from many sources— ads data, CRM systems, multiple app databases, log files, and many others. Building one pane of glass—a focal point to bring data together upon and collect the data so that it’s accessible to decision-makers—is a vital step to leading an objective process of making decisions.

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