The advantages of a data-driven organisation are enormous. It:
- Drives a customer-centric focus
- Enables innovation in highly competitive markets
- Improves ROI on campaigns and other marketing efforts
- Allows for tactical decisions
- Means no opinions are involved as it is evidence-based decision making.
However, one cannot simply decide to be data-driven and have everything work out immediately. To be data-driven you:
- Have to be data-driven in everything, no picking and choosing.
- Have to persuade the entire organisation to adopt this mindset.
- Need to set up an organisational structure that will enable data to flow easily.
- Have to invest in the cycle and you need to invest in data to apply the insights that will help you get more data.
- Need to keep in mind that the huge amount of data available can make finding meaningful patterns tricky.