Insight-driven Organization – Four steps to start your journey
Data is easily the most valuable commodity on Earth in our time. Every business, big or small, generates massive amounts of data every day. But what use is all this data if we do not put it to work?
Harnessing your data to provide insights and predictions is the cornerstone of being an insight driven organization. An insight driven organization is one that relies on data analytics to make decisions. Being an insight driven organization means valuing the power of analytics and building teams and processes that nurture data to generate accurate and useful insights.
Why Should You Be an Insight Driven Organisation?
Relying solely on human insight and decision-making leaves a lot of room for error. While this approach has served us thus far, it is time to revolutionize how companies makes decisions. Data analytics has grown rapidly in the last decade. By creating an insight driven organization, you can innovate quicker, be more efficient, and differentiate yourself in your chosen market.
Once successfully implement, an insight driven approach only gets better and better as each cycle of insight or prediction generates data that can be used to further refine your results and chart your course towards a data-first future.
How Can You Become an Insight Driven Organisation?
The shift towards an insight driven organisation does not happen overnight. It requires careful planning and a determination to create an organizational shift in how your company operates. Broadly, consider the following 4 steps to start your journey:
Step 1: Build a strategy
As with most things, your success depends on how you plan and strategize a shift towards being insight driven. Analyse your business, your goals, and your capabilities before embarking on this organizational change.
Step 2: Acquire data
Nobody wants incorrect or inaccurate insights. To avoid this common pitfall, you need to ensure that you collect and organize high-quality, relevant data to feed into your AI system. Data is the life of any successful AI system, so invest time in building data sets that provide a comprehensive view of all data.
Step 3: Be change agent
A change in company culture and standard operating procedures is crucial for a shift towards being an insight driven organization. Let go of a simplistic departmental view of your organization and work towards building a dynamic and integrated workflow that meshes well with the goals of your AI system.
Step 4: Technology
Acquiring data, organizing it, and analysing insights necessitates the use of complex technology. This includes software to collate your data, technology to provide an all-round view of your data, and of course, an AI system to process data and provide you with the insights you need. This is best done by partnering with experts in data science to ensure your systems are secure, trustworthy, and stand the test of time.
Creating an insight driven organization is a marathon, not a sprint. Remember to pace yourself, take your time, and start small. When in doubt, consult with experts rather than going blindly in the wrong direction. With the right mindset and support, you too can make the leap towards being an insight driven organization.
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