Data Driven Culture: What is it and what are its benefits for companies

You've already learned, right here on the BM blog, that data analysis has become essential for companies that want more results. Today, we are going to delve into data driven culture – what it is and what are its benefits in the business world.

After all, why adopting a culture of analysis and intelligent interpretation of data can completely change the way an organization thinks and acts? How this data can be used to direct assertive actions for a business.

And, above all, how can technology help companies and employees on this journey?

Check it out in the following article. Good reading!

What is Data Driven Culture?

In summary, the data driven culture – or, in translation, data-oriented culture – is a strategic concept that, in practice, aims to place data at the center of organizational planning, with the aim of transforming them into valuable information for decision making. of decision.

Did you find it confusing? Well, let's explain in more detail.

What if you were told that you're about to discover a (albeit metaphorical) oil mine in your company?

Would you put it aside? I do not think so!

Well, executives at companies like Apple, Intel and Siemens see data as the oil of the 21st century.

Being data driven means, in short, being based on the analysis and interpretation of the collected data, understanding what action to take to guarantee the best results.

But of course, it is important to highlight that it is not enough just to have a large amount of data, since they need to be “refined” for their final consumption.

That is, it is about collecting, processing and analyzing data in order to make decisions more assertively. Well, this is the beginning of the journey in the data driven culture.

On this journey, as the company's data analysis maturity is consolidated, different analysis possibilities begin to emerge, such as descriptive, prescriptive, predictive and diagnostic analysis.

Such analyzes serve both to develop external strategies and to guide actions within the company.

How to start deploying a driven culture?

According to a study published by Gartner Consulting, in 100 Data and Analytics Predictions Through 2021, the volume of data produced by organizations since 2017 corresponds to more than 90% of the data already stored at all times.

And the data driven culture develops precisely from the use of massive volumes of data, extracted from different sources.

In this scenario, it is common for companies to understand the importance of data collection.

However, this is not the main obstacle in the data driven journey of organizations.

In fact, the big step to be able to transform data into intelligence is to understand the need to invest in the adoption of tools and practices that allow the treatment, structuring and analysis of data collected in a continuous and strategic way.

Advantages of data driven culture for companies

Any business can suffer setbacks but, in this context, being data driven will help speed up the response time to start working on your recovery.

Another advantage is that mistakes tend to be smaller, and that, through them, it will be possible to learn to act better.

In short, implementing a data driven culture and acting on data analysis will allow an organization to:

Identify trends;
Act assertively;
Consolidate and segment your audience;
Create more attractive products;
Optimize processes;
Predict scenarios;
Reduce costs and time;
Get ahead of the competition.

Data driven culture – I want to implement it in my company, now what?

As we have seen, structuring and treating data with a technological approach, in addition to making them accessible to company employees, is the beginning of the journey to becoming data driven.

And in this, BM is a specialist.

Through architectural solutions, we organize and process your data so that it is possible to carry out the desired analyses.

Contact BM and find out how we can help your company take higher flights!