How to Build A Data Culture
A thought leader article from Pegasus One, a Supporting Member of the OC Startup Council:
Infusing data culture into an organization
One of the biggest mistakes companies can make today is leaving the business value of their data on the table.
According to the NewVantage Partners’ 2019 Big Data and AI Executive Survey of C-level executives, most corporate data is not being exploited to its full advantage:
- 72% stated that they don’t yet have an established data culture
- 53% indicated that they don’t treat data as a business asset
- 52% admit they are currently not competing on data and analytics
Today, data no longer represents just a “nice-to-have” competitive advantage; it’s evolved to become a critical factor in the health of a business. As businesses have moved through a global pandemic situation, the ability to quickly and smoothly pivot based upon market and customer data has often literally made the difference between the life and death of a business.
Data-first gets results
In the past year, forward-thinking companies have been reporting significant gains as a result of their data-first business models:
- 41% improvement in time to market
- 89% improvement in customer retention
- 45% improvement in customer retention
These organizations didn’t just flip a switch and have a thriving data culture, though. There are four distinctive stages on the road to data-first.
Stage I: Data-aware is where most companies start out –and some, unfortunately, remain. These organizations have an awareness of what data can do for them, but they’re not sure where to start. To move past this stage, it’s important to determine precisely what you want to do with your data.
Stage II: Data-adopting is a risky time when a company has begun to use data strategically—but often ends up with unsatisfying results due to data biases and errors. To avoid this, earmark a team of...
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Thanks to Pegasus One for this article, and for their support of the OC Startup Council. Contact them if your startup would like help with software development consulting services and sign up for free at www.pegasusone.com/startup for more info.
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