16 Nov Data culture: A guide to understanding our digital future
Data culture is characterised by a data driven organization which adopts a data-driven approach to business and leadership. It’s about data as a cultural imperative, data as a shared language that unites people across organizational boundaries, data as an essential building block of our digital future.
Creating a data driven culture rests on being able to catalyze substantial shifts throughout the entire organization, thereby changing company wide norms. A deeper understanding of data and analytics is a plus, but not compulsory to building a data driven organization.
Data and analytics has become so important in today’s world and it will continue to be more so in the future as long as data driven decision making exists.
This blog post will give you insights into what data culture is all about.
Data Driven Culture
Data culture is data-driven approach to business and leadership. It’s about data as a cultural imperative, data as a shared language that unites people across organizational boundaries, data as an essential building block of our digital future.
Strong Data Cultures
In a data driven company that is curating meaningful data, employees to make better decisions with less effort which leads to increase efficiency of day-to-day work processes by automating mundane tasks such as payroll calculation or inventory management while creating new opportunities for revenue growth through insight on consumer behavior patterns.
Employees have instant access to key performance indicators (KPIs) across departments allowing them to collaborate effectively thus strengthening teamwork and promoting cross-functional cooperation along with faster decision making.
In data driven companies, data is being used to its full potential and many business processes have been automated allowing the company to perform better with less resources, while creating a more competitive advantage by having superior insight into consumer behavior patterns that can be translated into revenue growth opportunities through innovation in their products or services offered.
Such data-driven cultures are not only beneficial for businesses but also create a better work environment where employees feel supported and empowered which leads to increased employee engagement resulting in improved organizational performance.
In other words, data culture should be implemented across an organization from top leadership down because it improves collaboration between teams thus accelerating problem solving time while increasing efficiency of day-to-day tasks such as payroll calculation or inventory management process at the same
Data Analytics in Corporate Culture
Data driven culture starts at the top with senior leaders or with a chief strategy officer.
Senior management’s contribution to fostering a data-driven culture is critical.
Senior management is responsible for data-driven decision making by setting the right organizational framework, which means data must be accessible throughout an organization to support data-informed culture.
This would help avoid redundancies in processes or even worse “shadow IT” (i.e., ad hoc business systems built without IT involvement). A strong data analytics platform with embedded data literacy among employees can drive better informed decisions across your entire company and make it easier to share knowledge about best practices when solving problems together.
Lack of Data Literacy within Organizations
Statistics show that 80% of organizations are underutilizing their own data due to lack of people skills required for effective data analysis while 69% admit they struggle with turning insights into actionable data.
In other words, meaningful data cannot be easily translated from data to information and from information to knowledge and finally into wisdom without having the necessary skills required for data analysis.
This is why it is important that any company looking to succeed in today’s digital economy should attempt to encourage data literacy throughout their organization by investing on data analytics platforms that can help employees become more effective with using data as a tool of day-to-day work processes.
This would not only increase productivity but also enable them to collaborate better among teams thus reducing redundancies within business process while speeding up problem solving time resulting in increased efficiency.
Data Literacy: An Essential Component of Business Operations
The lack of people skills or data literacy is one of the main reasons data is not being used to its full potential which in turn results into data underuse.
HERE AT INCUS SERVICES WE KNOW THE VALUE OF DATA LITERACY AND ARE HERE TO HELP YOU ATTAIN IT!
A huge part of data literacy is understanding the ins and outs of data analytics, and there is nothing more important to Incus than providing a strong foundation and understanding of data analytics and moving you from confusion to clarity.
Whatever your objective may be, Incus Services can help.
IF YOU’RE A DATA NOVICE OR JUST LOOKING TO GET THE MOST OUT OF YOUR EXISTING DATA MANAGEMENT, GET INTO CONTACT WITH THEM ABOUT THEIR WORKSHOP OR SPECIFIC SERVICES THAT ARE TAILOR MADE FOR YOUR ORGANIZATION.
But the workshop is just the beginning. Consulting with Incus Services as part of your data improvement drive can make all the difference between being a leading organization or falling behind the competition.
Incus Services can work closely with your organization to help your data talk to you and offer key insights. It is our objective to provide businesses with the machine learning and artificial intelligence strategies that they need to succeed.
Aren’t you ready to take your business to the next level? Why wait another moment to lead the finance sector through technology and digital transformation?