5 Steps to Create a Company Culture that Embraces the Power of Data

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5 stepsto create a company culture that embraces the power of data

Data: it’s not just an IT issue

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It’s no news that big data is impacting everything we do.

Every day there’s more data coming from more sources, faster than ever.

The McKinsey Global Institute reports thatdata volume doubles every three years*

2011 2014 2017

*Source: The age of analytics: Competing in a data-driven worldBy Nicolaus Henke, Jacques Bughin, Michael Chui, James Manyika, Tamim Saleh, Bill Wiseman, and Guru Sethupathy , December 2016

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So, when the CEO announces:

“We’re going to be adata-driven company”

…that’s going to require a cultural transition. What course of action can you follow to make that real?

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5 stepsyou can take to create a company culture that embraces the power of data…

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Step 1: Move away from gut-feel or bias-driven decisions

It pays off.

This McKinsey study* shows that

some sectors in the U.S. have 60%

to 90% of their data/

analytics value still untapped.

Valuestill

untapped

Captured to date

*Source: The age of analytics: Competing in a data-driven worldBy Nicolaus Henke, Jacques Bughin, Michael Chui, James Manyika, Tamim Saleh, Bill Wiseman, and Guru Sethupathy , December 2016

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Put the value of data into business terms so it’s easier for business leaders to visualize the possibilities.Look for the data story in the top business initiatives at your company. How can data-driven decisions propel those?

Step 2: Tell the data story

Building on existing

experiences, what could more data help achieve?

How much available data has

already been captured with what

improvements?

What revenue and profitability improvements could be data-

driven?

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Business leaders have a lot to gain when they

understand that the ownership of data and

its value rests in their hands.

Taking an active role in data-driven initiatives

means the resulting gains will be wins for

them and the company.

Step 3: Convince the business to lead

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Look for the data heroes inside

your company.

Marketing and sales teams often

embrace data-driven decisions—

those areas can be the first place to

look.

Those big data successes can

convince other teams to follow suit.

Wherever you find data-driven successes, spread the word.

Step 4: Find your champions

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Step 5: Start small, go fast

Business leaders can find small strategic

projects that can generate results in 6-8

weeks, and keep building on each success.

Small, quick wins demonstrate the

value of using data to drive larger,

projects.

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Checklist

5 stepsto create a company culture that embraces the power of data

o Move away from gut-feel or bias-driven decisions

o Start small, go fast

o Find your champions

o Convince the business to lead

o Tell the data story

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To learn more about becoming a data-driven organization…

…download the eBook

…and join the BE FIRST INSIGHTScommunity

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