By DataKnow Editor
All organizations, from SMEs to the largest, should aim to establish a culture of data management (Data Driven mindset or data driven culture).
A data-driven culture and the establishment of a data governance or data government provide elements of differentiation to stand out from the competition in innovation, digital transformation, compliance with the legal framework, increased sales margins and productivity, customer satisfaction and reduced security risks.
We talk about:
- Decision making supported by intelligent and efficient data management.
- Adopting an environment of total immersion in the collection, processing, storage, interpretation and use of data and information to take the company to another level of efficiency.
- Develop optimal operational processes that are critical, key and have a significant impact on business growth.
- Create an operational and organizational “knowledge cloud” that covers and controls all areas of the company.
- And never, for any reason, rely on subjectivity (feelings, intuitions, emotions or opinions) or “variables” that are not quantifiable or measurable. This must be true at all levels of the company, from operational to top management.
Data Driven mindset: living, thinking and working in data
The Data Driven mindset or Data Driven culture is an integrated work method in which the company bases all its decision making and strategic planning on the collection and analysis of information.
This approach makes it possible to visualize a complete picture of the organization and to take advantage of opportunities, anticipate new trends and potential problems.
This integration is achieved with the implementation of tools based on analytical models that work with the relationships between data to simplify and understand the complexity of the phenomena observed in the company.
These models use probability, statistics, machine learning, artificial intelligence, as well as technologies for the management and storage of large volumes of data.
Data Driven mindset and the four data analytic
Each model has a different approach that optimizes interpretation and increases the accuracy and value of the results, namely:
Descriptive (special for SMEs and ventures).
Correspond to tools that collect and show the structure and relationships between data. For example, customer portfolio segmentation.
Predictive (for companies looking to expand)
Their purpose is to convert a future situation of uncertainty into a probability of success. For example, estimating and forecasting future sales demand or the payment risks of a savings plan.
Prescriptive (aimed at consolidated companies with a broad geographic scope).
Identify and optimize the best actions for the business. For example, timely notifications of preventive maintenance services.
Diagnostic or explanatory: (for large companies and big data) explain why things happen inside or outside the organization. For example, variations in external demands or in the company’s delivery times.
The Magora-System domain offers a very illustrated overview of the four levels of the Data Driven Mindset and several tool options based on these.
Data Governance - The Supremacy of Data
To achieve the success of these two management models in your company, you must:
Implement the data governance policy:
Governance is alignment with the business objectives, from its collection to the processing and final collection of information; it must be reliable, coherent, organized, transparent and of high quality.
Establish data democratization:
Make data resources and tools available to all team members and make the information truly accessible and readable.
This facilitates planning, ensures transparency, reduces misunderstandings and saves time.
Get the team moving in the same direction:
That values, goals, vision and mission are shared. Everyone goes for the achievement of the objectives.
Train the work team:
So that they know the technological tools and how to use them in each context and get the most out of each one.
Use digital tools that facilitate management:
That are in line with the characteristics of your processes, of your organization, so that users are able to quickly analyze data and carry out projects.
Data Driven Culture and Data Governance in your business
IBM refers to data governance as the development and application of rules, policies, processes and standards for the management of organizational data, which are considered strategic assets.
It is a formal documentation process that regulates the entire data and information management process.
This “institutionality” must be in charge of a management team and specialists in technology and business areas under the mission of ensuring that data has: regulation, authorized use, standardization, documentation, quality and value.
