Data is powerful because it is concrete, thus becoming a Data Driven company means that all decisions and processes are dictated by the data collected both internally and externally. Making decisions based on data makes instinctive sense and evidence is mounting that it makes strong commercial sense as well.
In today’s world, businesses must use data to validate and help develop their targeted strategies to navigate in a data-informed way and to execute their vision meticulously. This is the vital key to a successful business in this digital age of highly competitive markets.
No longer should decisions be made without hard empirical evidence for it is only practical that businesses focus on better understanding their customers in order to improve their products and services.
McKinsey Global Institute indicated that data driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times as likely to be profitable as a result.
From this simple core comprehension of a data driven evolution and by implementing core concepts you can begin to implement effective, efficient, targeted strategies to meet the growing demands of your customer base.