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HomeBusinessWhat Is A Data-Driven Company?

What Is A Data-Driven Company?

Currently, companies are betting on the data-driven model (which means having a solid base of data analysis for the correct decision-making) to ensure that the decisions they make are the right ones based on what they have learned.

However, this does not mean they check the results obtained every quarter. To achieve this status, those responsible for companies are committed to focusing their strategy on all the actual Data they receive through different measurement tools.

Knowing how to obtain them, separating those that are important, and interpreting them correctly becomes vital to ensure the survival of companies.

Therefore, all types of companies must start working with this Data, leaving aside guesses and predictions that are not based on experience. Doing things as they were done in the past no longer makes sense today, and data will be the central axis from which everything flows.

What Does Data Driven Mean?

When we talk about data-driven, we intend to specify that all decisions the company makes are evaluated by data that can be confirmed and verified. To succeed, these data must be of good quality and analyzed and interpreted correctly.

Thanks to new technologies and business intelligence tools, company managers are no longer constantly relying on the IT department to get to know the data and interpret it as they see fit.

They can get personalized, real-time reports to use when they need them. This allows directors trained in other areas of knowledge and with extensive management experience to have all the necessary information to make quick and, above all, correct decisions.

Data-Driven Companies

They are those where Data is an integral part of the corporate culture. In addition to having standardized processes based on the measurement of results, they foster the curiosity of all those who work there and can exploit them correctly.

These companies’ hierarchies are horizontal, so it is easier to communicate at any time from the boards, intermediate positions, and employees in general. In this way, all employees feel an integral part of the business, obtaining a global vision and not leaving to chance aspects that may eventually be essential for the company.

The way of working is done according to the company’s and its employees’ objectives since the performance evaluation is done through accurate data: the results.

This Data will make it possible to define objectives in advance, to come up with probable results, and to know if things are working as they should or if, on the contrary, urgent changes need to be made to improve them.

In a Data-driven company, the latest data analysis and measurement technology are prominent. You can analyze their competence and learn more quickly about the resources they have at their disposal and the market trends. Its adaptability, flexibility, and quick decision-making are other features. Therefore, new professional profiles emerge to be able to work in this direction, in addition to the fact that those who were already working in the company will need to renew and train themselves to better deal with this new reality.

Data-Driven Company: Its Main Characteristics

Although each may belong to a different or particular sector and be larger or smaller, data-driven companies have common and easily identifiable characteristics.

Data-Driven Decisions

Both the structure of the organization itself, as well as its production processes, are oriented towards decision-making based on data.

Global Perspective

Use of multiple data sources to have a more global perspective.

Macro Data Experts

Have macro data experts in the teams or collaborate with professionals specialized in macro data.

Cybersecurity

They are giving enormous value to cybersecurity and compliance with current regulations. This is, for example, the case of the new General Data Protection Regulation of the European Union (GDPR), in which enormous value is attached to the fact that consumers can know, at any time, which companies have access to their data and how they intend to use them.

More technical profiles will be needed for the development of the different structures. Programmers, cybersecurity experts, and everything related to new technologies and data analysis; will be the professionals most sought after by companies. 

Profiles Needed In A Data-Driven Company

Data-driven companies rely on new professional profiles to work with all the data obtained. These new actors in the labor scene will be able to work together with others known to ensure their optimal suitability:

  • All company employees must be involved in this new model that revolves around data, as everyone must be able to access them to use them correctly in their daily work performance;
  • For the volume of data that this model considers and receives to be of quality and adequate to the needs, the role of the CDO is fundamental. This entity must not only ensure access to information but also ensure its quality and that all employees; take data as a reference and understand it in its entirety;
  • To ensure and guarantee the privacy and adequacy of data to regulations, those in charge of security will be of paramount importance. It depends on them that there is no infiltration and ensuring the confidentiality of the necessary authorizations of the owners of the handled Data;
  • The data translator will bridge the gap between analysts and business experts.;
  • Last but not least is the role of the CTO, responsible for carrying out the development that allows data production.

Data is the future trend, and companies should bet on its use to continue working with guarantees.

Also Read: Data Migration To The Cloud: Discover The Benefits

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