Leveraging data-driven approach for business growth

The advantage of being a data-driven enterprise is getting return on investment that is an asset or commodity. The advantage of being competitive is being innovative, leveraging all the assets that we have for future return on investment. People who run businesses understand that one needs to leverage data but shifting to a data-driven enterprise also entails a major cultural shift. It involves not only the monetization of data but also its democratization to make a meaningful impact on the business.

For this transformation to occur, data must undergo various stages, including the establishment of rules, alignment with the business's objectives, formulation of governance methods, architectural design, and clarification of data ownership. While these aspects are often perceived as challenging (referred to as the "dark side"), there is a bright side to the equation. Trustworthy data, governed effectively, serves as a catalyst for business improvement.

Data is the most valuable thing an organization produces. They lead to the success and failure of the organization. From unclear data documentation and inconsistent data formats to a lack of data literacy and inadequate human resources, numerous instances underscore the significance of effective data management. 

In today’s world, data has emerged as the new natural resource for generating business value and gaining a competitive edge. Yet only 15 percent of the organization have the ability to leverage data and advanced analytics across their operations.

Why is data management helpful ?

Data management improves the visibility of an organization's data assets, making it easier for individuals to access the correct data for their research. Data needs to be managed to gain competitive advantage. Data management drives all the business decisions for business leaders.

It is the process where the data can be reviewed from the past for profit and loss analysis based on facts and figures. 

Many organizations today yearn to become data-driven, but only a few manage to achieve this goal within a reasonable budget and timeframe. The journey towards a data-driven organization is a vital element of a broader digital transformation, demanding a gradual shift in technology and processes to optimize operations. 

However, change is rarely straightforward, resulting in slower and costlier progress. To succeed in this venture, organizations must tackle both non-technical and technical hurdles, harnessing the true potential of their data assets. 

Well-communicated choices and transparency serve as the building blocks for nurturing a cohesive data-driven culture, where data is embraced as a strategic asset and leveraged to drive innovation and growth.