Data-driven management contributes to faster and more accurate decision-making by companies. Despite this, 87% of corporations have low maturity in business intelligence and data analysis
Source: Revista Algo Mais
To remain competitive in a dynamic, digital and increasingly complex market, companies have sophisticated their decision-making process. The direction of business is no longer associated only with the manager’s experience or with the intuition of people who occupy leadership positions, but they start to have data as a strong ally. Implementing a data driven culture is a corporate trend that cannot be ignored by businesses of any size that want to survive crises and grow sustainably. However, 87% of companies have low maturity in business intelligence and data analytics, according to research by the Gartner Group.
“A company has a data-driven culture when its decision-making processes and strategic planning are data-driven. As it is a cultural development, to implement this methodology it is not enough just to use data extraction and analysis tools, but it is necessary to have an understanding of the value that data has and its importance for the organization. From this perception, people will increasingly seek to give prominence to data, increasing the chance to make better decisions, reduce costs and increase competitiveness”, says Thiago Fragoso, partner at T4i Solutions, which specializes in business intelligence and development of software and applications.
Most companies have some data collection system, even if manually, using Excel spreadsheets or even recording their expenses and billing, for example. There is also a group of corporations that already use different data sources and rely on some type of technology support for the integration of this information (check the chart for the different levels of data driven culture). A small group, however, has more mature data intelligence processes, which allow the use of machine learning and automation to generate insights for the business.
To advance some steps towards an advanced data driven culture, Thiago Fragoso suggests 5 steps:
- Convince the management team
“The first step in implementing a data driven culture is convincing management about the value that data offers in decision making. After this conviction, a demand for information is naturally created in the organization, which the areas will need to respond to”.
- Elect the company’s priority areas to advance the data driven culture
With the leadership committed to transforming the business anchored in data, the second step is to choose which are the priority areas of the business. This is where the construction of a data driven culture in the company should begin.
- Adopt a data analysis technology platform
Identified where to start, the corporation must adopt a data analysis platform, such as Power BI or Tableau, which are some references in this service.
- Empower teams to use the new tools available
With the technological structure defined, the fourth step is to train people in the company or organization to use the analysis tools.
- Define a reference team in the company for data analysis
Finally, it is important to create an internal team or committee for data analysis matters.
WHO IS RECOMMENDED TO INVEST IN THE DATA DRIVEN CULTURE?
If you think that only large corporations should be concerned with storing and analyzing their data to be competitive in the market, this is not true. Even a small business or a family business that has few people in its structure can advance in the data driven culture and reap the rewards of this investment. Unlike years ago, there is a process of democratization of data analysis tools, with a significant decrease in the price of several of them, allowing even individuals to adopt them.
“The data driven culture is necessary for all sizes of company, as it allows better decisions and, consequently, a better ability of the company to adapt to the different realities of the market. With the so-called democratization process of data analysis, data extraction and analysis tools are increasingly accessible”, highlighted Thiago Fragoso.
The T4i partner explains that the simple use of technological tools does not characterize the company’s data driven culture. More than investing in the installation of a platform, the greatest cost of this process is personal, since professionals specialized in this topic are valued. “To optimize this cost, many organizations choose to have a lean team and contract on-demand products and/or services to solve data-related needs regarding specific aspects of the business”.
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