The Data-Driven Organization: Defining Data-Driven

New Lexico Video Series Defines What Data-Driven Really Means and Why It’s Important

There’s a huge push for businesses to be more data-driven. Data-driven strategy. Data-driven decisions. Data-driven culture. You hear the phrase “data-driven” everywhere, but with most organizations, it is not a buzzword – it’s a business imperative. So where do you start?

With our clients, Lexico starts by clarifying what data-driven is and why it’s important for businesses to not just survive, but thrive. And that’s just the beginning.

In our video series on Data-Driven Organizations, Lexico will not only define what a data-driven organization is, but also help you design the required culture change to enable it and avoid the common pitfalls along the way. Featuring conversations with our expert advisors, we’ll glean their insights on this transformation to becoming a data-driven organization.

In this video, Defining Data-Driven, Lexico lead advisor Dan Mishich and I break 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.

Looking for guidance on how to become a data-driven organization? Contact Lexico.

Transcript

CYNTHIA

Hi, I’m Cynthia Short from Lexico, a transformation services consultancy. In this video, we’re going to spend some time exploring what it really means to be a data-driven organization. I’m joined today by Lexico advisor and digital transformation expert, Dan Mishich. Thanks for joining us today, Dan.

DAN

Thank you, Cindi. And thank you for allowing me the opportunity to speak today on the topic. It’s an area I’m extremely passionate about. It’s a common term thrown around in the industry with lots of different perspectives in regards to its meaning. So I’m looking forward to this discussion.

CYNTHIA

Awesome. Like we mentioned today, we’re talking about data-driven organizations and really what that means and why it’s important. So, you know, to kind of kick things off, I just would put out there, I’m interested in your thoughts around, you know, why data-driven, why this big push and, and a lot of effort across organizations and just industries as a whole, that this push to become data-driven organizations. Why do you think now more than ever that that’s important?

Dan

Yeah, organizations today are having to revolutionize themselves, innovate and look at different ways of doing things. Operational excellence is a huge component of my organization’s drive towards data-driven as well as like meeting customer experience needs, which is a really key focus with everything going on. Especially in the world of COVID right, with everything being virtual and having to meet customers’ needs in a whole new way. And then, you know, on top of that, it’s just like helping to drive like business strategy and we’re businesses trying to go leveraging that data, convince an asset to help formulate and kind of build what that strategic direction should be for an organization, what opportunities that they should go after. So it’s really critical now more than ever for companies to kind of embrace it, just to kind of keep up with where trends are heading.

CYNTHIA

Yeah. I think that’s really important. I mean, data’s really nothing new. Right. you know, we’ve been, we’ve been in and around data for quite a while and you know, it’s been a core component of business. But I do think kind of like you’re saying the speed of change that, you know, we experienced today has kind of shed a new light on, and attention on data because data really is the engine behind decision-making and being able to not only keep up, but keep ahead and, and capitalize on, you know, just this rate of change that I think is, is front and center and everybody trying to navigate. So it really has, it really has become a core enabler if you will, of business in a different way. I think that’s one of the big things, you know, in a very different way.

So based on your experience, you know, I think one of the things we do find is data-driven organization is one of those concepts and labels. Let’s just say that if you asked 12 different people, you’d get 12 different answers and, you know, definitions of what that means. And there is a, a level of customization almost if you will, in terms of what data-driven can mean for an organization. But yeah, I’m curious, how, how do you define it? How have you worked with clients and helping them understand what it means be data-driven?

DAN

Yeah, at its essence, at its core, it’s about you know, fact-based decisions based on data and analytics it’s helping organizations, you know, drive those operational efficiencies. You’re right. It can vary from organization to organization how they use it, they could use it just purely just to drive efficiencies in their ops of how to do continuous improvement, track metrics, look for those opportunities to kind of streamline and automate their processes. Organizations can take it to the next level, just to better understand like the customers that they serve, glean those insights from those customers, without a customer, really ever telling them, you know, exactly what it is their needs or wants or how they want to be serviced. And then I’m at the forefront. Like I had mentioned, you know, it’s about it can be about innovation as well. Getting the insights as far as maybe what are some of those opportunities to kind of go out there and kind of capitalize on for an organization areas that, you know, they otherwise, without that data just wouldn’t be able to glean in on.

CYNTHIA

It’s an interesting point. I see a different perspective maybe. I mean, I think, you know, in conversations, the data to understand customers and customer experience is always front and center. You know, data to drive innovation is kind of front and center in a lot of conversations, but the idea of data really being used to optimize operations and you know, efficiencies around that and even talent and you know, across the board kind of like all the behind the scenes, if you will, aspects of business and organizations, there’s so much opportunity there as well. And I think that holistic look and really utilizing data for both external and internal insights is probably one of the core things we’ve found in terms of the definition of data-driven, to be truly data-driven.

Well, thank you so much for joining me today and having this conversation. It’s always invigorating talking about all this good stuff.

DAN

Thank you for having me.

CYNTHIA

Well, 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.