A closer look at characteristics of being a data-driven organization and its impact on decision-making
By: Cynthia Short
What does being data-driven really look like? In our last Data-Driven Organizations series video, Lexico lead advisor Dan Mishich and I broke down the meaning of data-driven and why it is important for business leaders to make this critical transformation to data-driven strategy and data-driven decisions. But how does being data-driven translate to the everyday actions of an organization and what are the outcomes?
In this video, Characteristics & Decision-Making, Dan and I take a closer look at the key characteristics of being data-driven and discuss the impact it has on decision-making. In addition, we go a step further and discuss the topic of data democratization and the importance of empowering all individuals in an organization with access to data.
Looking for guidance on how to become a data-driven organization? Contact Lexico.
Transcript
CYNTHIA
DAN
CYNTHIA
DAn
CYNTHIA
DAN
CYNTHIA
DAN
What does the data outputs mean to the business at the end? You know, it’s it, it’s powerful in the right hands of individuals. And I guess, you know, that’s an awesome maybe area to kind of pivot to on data is right of a big to data-driven organizations, empowering the employees of organizations with full access to data, or historically if you lean back on where things have been organizations have data warehouses and data reporting marks and all that stuff that they only allowed access to certain individuals, whereas you enable a data-driven organization. The goal is to empower everybody who needs that information to be able to make decisions. So before we were always afraid that somebody would get their hands on the data, misinterpret it and use it in the wrong way. Well, I think we’re beyond that now.
CYNTHIA
Well, and I’m so glad you brought that up because, you know, around main goals of, you know, better decision-making and, and all of that, again, the walled up data with access by a few is not part of the definition of a data driven organization by any means. And I do think that, you know, the culture shifts and the, even the new behaviors and understanding of decision-making with the data informed by data is often one of the things that gets missed in terms of the work that has to be done in order to really realize you know, ultimate outcomes of any kind of, you know, shift to, you know, relying and you know, investing and, and really looking at data as this enabler and asset, because you’re right. I mean, I think that the, all that effort that goes into even, you know, understanding that value chain and, and optimizing it all comes down to people using it. So it doesn’t matter how, how great your data is or how perfect as you put it. It could be if it’s not accessible and people don’t understand how to make insight-driven decisions, not necessarily, you know, past performance metrics, driven decisions. You’ll never realize the full potential, and that’s a lot of work. That’s a lot of change.
That is all that we have for today. You know, we’ve enjoyed the conversation, but we always love hearing from you and learning from everybody else’s experience as well. So if you would, you know, would love to hear from you in terms of the experiences that you’ve had working with organizations or within your own organizations about building you know, a really data-driven company and a team. So let us know in the comments below, and don’t forget to subscribe so you can have more discussions like this, so see you next time. Thanks.