Posted: Jul 9, 2020
The pursuit of a data-driven culture is an exciting goal; however, it remains elusive to most organizations. A 2019 NewVantage Partners survey highlighted that only 31% of companies say they are data-driven and this number is dropping year over year. In 2017 this number was 37%. Why is that?
We’ve noticed that most organizations are typically underdeveloped in two key areas that are needed to have a strong data-driven culture.
The two anchors required to build a strong foundation are:
1) Clarity on where key decision points in your business lie and what data can help with those decisions. Given the overwhelming amount of data available to businesses this is not a trivial task, however this can focus the organization on the key data that needs to be collected and ensure resources are directed appropriately.
2) With clarity on what needs to be collected, a strong foundation must be rooted in strong process. What is your organization’s process to collect, manipulate, display, and utilize the data you’re collecting? Is it consistent, optimized and automated? This is not necessarily glamorous work; however, it is critical to having an effective and sustainable data driven culture.
If you feel concerned that your organization isn’t as far along as you would like in these two foundational anchors, you’re not alone. Most organizations struggle with building this foundation. A 2019 Deloitte Survey of U.S. Executives found that:
- 63% do not believe their companies are analytics driven
- 67% say they are not comfortable accessing or using data from their tools and resources
This is a problem! If Executives aren’t sure how to utilize their data, how does the rest of the organization feel? The sense of urgency around fixing this challenge is building in progressive organizations.
Pontem Innovations was founded to help organizations build their foundation and utilize their data to create solutions that are both automated and easy to use. Your organization’s data has a story to tell; however, that story needs to be shaped for your unique strategic goals and operational approach. If you want to discuss how your organization can become more data driven, please reach out for a discussion about your goals. Pontem can help you identify the areas to target with the highest ROI and do it at a fraction of the cost of hiring an internal business analyst.
The surveys highlighted in this blog along with additional information can be found in this March 2020 HBR article by Thomas Davenport and Nitin Mittal.
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