Data-driven? What exactly it is? Ask almost any executive at any of the product company today if they would classify their business or the product as data-driven! And you would surely get a big YES as your answer. But, you may find more good intentions than you will actual best practices. The accessibility of software using today’s advanced technology like artificial intelligence has helped many businesses use the whole data more efficiently! In other words, they have to identify their product-market fit and meet customer demands! But most of the time, this software takes business very close to the finish line. When a certain company employs a data-driven approach, it means it makes strategic decisions based on data analysis! A data-driven approach enables companies to examine and organize the whole data with the goal of much better serving their customers.
Ways To Become Data-driven In 2020
Bring your data strategy into your main company strategy. It is time to get rid of the placeholder mission statements and all the objectives that reference transparency and replace them with the concrete mission statements that will actually shape all the desired behaviors.
Make the actionable and relatable so they can also be included in departmental objectives! Even better, create shared data-related objectives, such as agreeing on the whole definition of business metrics cross-departmentally, to improve respective governance.
Your company’s data culture will not be much of a culture if it is just you. Encourage recruiting managers to include statements like data-driven in job descriptions so you are looking for the individuals with that mindset from here on out!
As a company or the data product owner, it is very important to understand how individuals use data. In other words, it is important to find out how comfortable they are with it, what their goals are, and whether they are able to meet them! Having a baseline enables you to track progress throughout the year and understand how to prioritize your whole roadmap. A great way to establish this baseline is with a survey.
For instance, you might investigate questions such as: 1. Do people feel that they have access to the data they need to make decisions in a particularly timely fashion? 2. Which of the teams have a thirst to self-serve but don’t currently have a solution? These are the ways to Become data-driven in 2020!