How Do You Become A Data-Driven Organization?
What does it mean to be data-driven?
Data is more than an operational asset like factories, machinery, IP, and capital. Utilized correctly, data is an invaluable source of potential growth. The key is recognizing its inherent value, leveraging it intelligently, and creating a culture that embraces the power of being data-driven. For organizations everywhere, data is the gateway to new opportunities. It’s limitless in use and the amount generated is increasing at an exponential rate, largely due to the growing number of connected devices and percentage of the world gaining internet access — both fixed and mobile.
How can AWS help you leverage the power of data?
With a better understanding of data and how to best leverage it for your company, the keys to unlocking new opportunities are in your hand. At AWS, we’re always working from a ‘Day 1’ perspective to ensure we’re promoting—and helping others benefit from—the power of being data-driven.
What are common sources of organizational data?
With a better understanding of data and how to best leverage it for your company, the keys to unlocking new opportunities are in your hand. At AWS, we’re always working from a ‘Day 1’ perspective to ensure we’re promoting—and helping others benefit from—the power of being data-driven.
The goal is to collect data and use it intelligently.
"Being a data-driven organization means culturally treating data as a strategic asset and then building capabilities to put that asset to use not just for big decisions but also for everyday action on the frontline."
—Ishit Vachhrajani, AWS Enterprise Strategist
How are some key industries relying on data to inform their business?
Retailers
Retailers need to know how product lines are performing, along with footfall in physical stores and user behavior across digital channels, including social media.
Manufacturers
Manufacturers require up-to-the-minute information on supply chains, production machinery performance on factory floors, and distribution considerations.
Financial services organizations
Financial services organizations build their reputations on being ahead of market trends and need to offer innovative products and services while remaining compliant with stiff data regulations.
Healthcare organizations
Healthcare organizations need collaborative ecosystems that allow professionals to access patient data in a secure and compliant manner. Researchers require powerful AI platforms to process data in an automated fashion.
What are the benefits of democratizing data across your organization?
Make better decisions, faster
Read in Jeff Bezos’s letter to Amazon shareholders how the concept of high-velocity decisions is an essential component for businesses.
Respond better to the unexpected
Read how AWS helped power Moderna’s R&D to develop its COVID-19 vaccine.
Enhance customer experience and engagement
Read how AWS has accelerated data analytics and interactive telemetry capabilities for Formula 1, changing the way fans experience racing.
Uncover new opportunities
Read how AWS has helped improve driver safety by powering Agero’s crash-detection algorithm platform development.
Improve efficiency
Read how Georgia Pacific used AWS data-analytics solutions to optimize processes across its operations and save millions of dollars yearly.
How do you become a data-driven organization?
There are a variety of paths organizations can take to jump-start their data-driven roadmap, such as launching Big Data initiatives, broadening data-collection initiatives, hiring a Chief Data Officer (CDO), and creating new analytics functions. But there’s more to it than this. To become data-driven, organizations need to:
- Create a culture of innovation that positions data at the core of your business strategy
- Build data capabilities to help drive that culture
Creating a data-driven culture at scale
The majority of companies surveyed identified that cultural, organizational, and process challenges presented the biggest roadblocks to becoming a data-driven organization.1
A cultural shift is required within organizations to make data a more prominent factor in evolving business models.
1 Big Data and AI Executive Survey 2019 by NewVantage Partners
The four E’s of data culture
How every organization can foster new perceptions of and relationships with data:
Engage in data-driven decision making
Organizations need to use data to guide and justify decisions continuously. This starts at the top with sustained, dedicated engagement. Pick an established, respected executive as the ‘single-threaded leader’ of your data initiatives who can push this focus forward.
Educate everyone
A data-driven culture is only fully realized when data analytics skills are common across roles in your organization—and not exclusive to just data scientists. Leverage storytelling to ensure a seamless translation between the ‘science’ of data and the ‘art’ of business when championing best practices and sharing out business wins.
Eliminate data blockers
Three common data blockers stand in the way of becoming data-driven:
Old way solutions: When you change the processes and products to be data-driven, don’t make these changes optional.
Resistance solutions: Create a culture that uses data to seek an honest inquiry to help EVERYONE be better.
Silo solutions: Treat data as an organizational asset, not a departmental property.
Enable frontline action
Democratize the ability to act on data and have the confidence to push decisions down to the frontline, where data and insights reside. Stop relying on the HiPPO (highest paid person’s opinion) to embrace decentralized decision making.
Creating data-driven capabilities at scale
Organizational design, governance, and accountability are essential to ensuring that your data-driven culture continues to thrive.
Data can push your organization forward in all new ways
Read more to find out how.