Extract from ProSearch’s article “The Power of Data: Benefits of Building a Strong Data Culture”
Business data volumes are growing exponentially and increasing in value. The sheer amount of data and data sources creates nearly unlimited opportunities to uncover actionable insights into industry trends, customer experience, product pricing and cost dynamics, operational performance, risk modeling, and more.
But to take advantage of these opportunities, it’s not enough to have the data. You must know what data you have and be able to access it quickly and reliably. You must be aware of the tools and processes that will enable you to extract maximum value from your data. And you must be willing and able to use them.
What is a Data Culture and Why Does It Matter?
An organization’s culture is largely defined by the collective behavior and beliefs of its people – the ways people interact with each other and approach tasks, and their shared points of view. A data culture is one that is driven by a shared belief in the power and importance of data. As a result, using data to make decisions, improve processes, and gain a competitive advantage – and managing data in a way that makes that possible – is encouraged and expected.
The stronger an organization’s data culture, the better its position when it comes to leveraging data. Organizations with strong data cultures classify and organize data as it’s created and in a way that facilitates efficiency, repeatability, consistency, and accuracy.
