The BI investment
A data-driven business that can actually leverage insights to get measurable results and sustainable growth needs more than just money thrown at systems and technology. It’s about building a culture of data within the business, ensuring that every stakeholder recognises the value of data, and working with partners that can deliver BI solutions that are integrated with the business as a whole.
In 2019, Gartner published an analysis of how a data-driven culture can transform how the organisation benefits from the data. According to Alan Duncan, Vice-President Analyst at Gartner, the benefits of a data-driven culture "is to examine and organise the data with the goal of better serving one organisation’s customers and consumers". It’s a statement that echoes research undertaken by the McKinsey Global Institute that found data-driven organisations are more likely to get customers, retain customers and see measurable profits.
The challenge is to embed this data-driven ethos throughout the organisation. And it isn’t easy.
Companies are struggling to build a data-driven business for multiple reasons. A study undertaken by NewVantage Partners found that the three big challenges are people, process and technology. This research is echoed by Gartner, McKinsey and Forrester – people, process and technology. A digitally driven culture requires absolute buy-in from across the company, from the employee to the CEO. Data must be seen as valuable and as something that can help every individual within the organisation benefit in their role and benefit their customers. This requires an internal mindset change that will take time, but that’s imperative to ensure long-term business success. It’s also important to invest in people who have the requisite skills in data to allow for their insights and capabilities to seep into the fabric of the organisation.
The second step is to invest in processes. Complex systems, difficult processes, piles of admin – these aren’t going to win friends and influence data. Not in the slightest. The organisation needs to invest in the toolkits that allow for seamless data management, interpretation and usage. This means that you need to look at how legacy systems can be integrated with carefully curated solutions so that processes are seamless, automation applied and there is a single version of the truth.
Finally, invest in technology that gets results. There’s so much value to be had from working with a company that can partner with you in developing a clearly aligned solution that maps back to your strategy, your data requirements, your compliance requirements and your overall business goals. This will ensure the data-driven ethos is supported by a technology infrastructure that enhances the value rather than inhibits it.
At IntelliNexus, we focus on business intelligence solutions that drive digital transformation. Our end-to-end data management and analytics services help your company move into a future that’s powered by data, not inhibited by it. Contact us to find out how we can work with your business to build a data-powered organisation from without and within.