What is a Data-Driven Mean and Data-Driven in Company?
Companies are betting on the data-driven company model to ensure that their decisions are based on what has been learned.
But data-driven companies still need to review the results obtained every quarter. To achieve this status, the managers of the companies are committed to focusing their strategy on all the actual data they get through the different measurement tools.
Knowing how to collect them, separate those that are of interest from those that are not, and interpret them appropriately has become vital to ensure the survival of companies.
Therefore, all kinds of companies must start working with that data and put aside hunches and predictions that are not based on experience. Doing things the way they were done years ago no longer makes sense in today’s world, and data must be the central axis from which everything flows.
What does Data Driven mean?
When talking about data-driven, it is specified that all the decisions being made in the company are supported by data that can be verified. Of course, these data must be of quality and analyzed and interpreted correctly to achieve success.
Thanks to new technologies and the tools of business intelligence, company managers no longer depend on the IT department at all times to know the data and interpret it in a way they understand.
They can obtain personalized and real-time reports to use when needed. This allows managers trained in other fields and with extensive experience in management to have all the necessary information to make quick and, above all, correct decisions.
They are those in which data forms an integral part of the company culture. In addition to having standardized processes that are based on measuring results, they foster a data-driven culture and the curiosity of all those who work there to be able to exploit them.
The hierarchies of these companies are horizontal so that it is easier for managers, middle managers and employees to communicate at all times. Thanks to this competitive advantage, all workers are involved in the business, obtaining a global vision and not overlooking aspects that could become essential.
The way of working is according to objectives, both for the company and for the employees, since performance evaluation is done through accurate data: the results. These data will make it possible to conclude and set previous objectives, advance possible effects and know if things are working as they should or, on the contrary, must make changes must make changes urgently to improve them.
In a data-driven company, the latest data analysis and measurement technology take pride in place. This way, they can analyze their competition and know the resources available to them and the market trends faster. The flexibility to adapt and quick decision-making are other of its characteristics. Therefore, new professional profiles appear to work in this sense, and those already in the company will need to renew and train in the new reality.
Data-Driven Company: main features
Although each may belong to a different sector and be larger or smaller, data-driven organizations have some common and highly recognizable characteristics.
The organization’s structure and production processes are oriented towards making strategic decisions based on data.
Use of multiple data sources to be able to have a more global perspective.
Big Data Experts
Count on the team or collaborate with professional experts in big data.
Give enormous value to cybersecurity and comply with current regulations at all times. This is the case with the new General Data Protection Regulation of the European Union (GDPR), in which great importance is attached to the fact that consumers can know at all times which companies have access to their data and the purpose for which they are used.
Of course, more technical profiles will also be necessary for the development of the different structures. Programmers, cybersecurity specialists, and everything related to new technologies and data analysis will become professionals that are even more in demand by companies.
Necessary profiles in a Data-Driven Company
Data-driven companies depend on new professional profiles to work with all the data obtained. These new actors in the labour scene, the data officers, may be combined with other acquaintances to ensure optimal adaptation:
- All company workers must be involved in this new model that revolves around data since everyone must be able to access them to use them in their daily performance.
- For the data received by the bulk of the workforce to be of quality and appropriate to the needs, there is the role of CDO. This person must not only ensure access to the information but also ensure that it is of quality and that all those who take data as a reference understand the same thing.
- Security managers will be there to ensure privacy and compliance with regulations. It depends on them that there are no leaks or that they have the necessary permissions from the owners of the data that is handled.
- The data translator will be the bridge between analysts and business experts.
Last but not least is the role of the CTO, in charge of carrying out the development that will allow data generation.
In short, data is a trend, and companies must bet on its use to continue working with guarantees. In a few years, the data culture-driven model will be the most widespread, and all companies will have different means of analysis, more or less personalized to their activity. Safety and reasonable interpretation will be the key.