As data becomes a greater part of our everyday lives, how to create a data-guided organisation is a common question for many business leaders.
This research paper explores where some businesses have succeeded, and how to use these lessons to create your own data-guided organisation.
Many organisations have been hoarding data for some years, but unlocking the immense value held within that data is a challenge that every business faces. It is a cross-organisational challenge spanning technology, leadership, cultural, and ethical considerations.
The organisations which stand to gain the most from their data are building a data-guided strategy. This encompasses vision, people, operations, governance and technology. The analysis in this research paper focuses on what’s holding back some businesses. We also delve into new and emerging technologies, and the importance of your organisational structures to derive insights from data.
The success of data democratisation depends on a host of factors – organisational, technical and cultural. To begin with, in this research paper we want to discuss how businesses are building data-guided organisations. Moreover, we want to judge how successfully they are doing so.
To achieve this, we must first establish what their motivations are when shaping data strategy. We asked respondents to rank several factors in their order of importance in shaping these strategies. Likewise, there are a range of reasons why businesses are failing in becoming data-guided.
We asked those participating in our research to share areas where they had encountered obstacles during the implementation of data strategies. Indeed, many businesses are still wrestling with the basics, turning data into actionable insight seems a million miles away.
Overall, this analysis can be used to identify the best path to becoming data-guided. In turn, this helps make your organisation more productive, efficient and competitive.
Jason Foster, Cynozure Founder & CEO, named Entrepreneur of the Year at The Allica Bank Great British Entrepreneur Awards for the Services Industries in London
Cynozure named as the 14th fastest growing company on London’s 2023 Fast Growth 50 Index
Jason Foster, Cynozure’s Founder & CEO, recognised as One to Watch in The LDC Top 50 Most Ambitious Business Leaders for 2023