The Three Cornerstones of a Modern Data Organization
Being data driven is a simple concept; it’s about making decisions informed by data and using artificial intelligence (AI) and analytics to quickly identify insights that will drive the business. The commercial value associated with the concept is astronomical, which makes the proposition enticing.
So why is being data driven so difficult to achieve in reality?
Simply put, some organizations are more prepared than others to meet evolving changes in consumer demand. During the COVID-19 pandemic, market dynamics shifted significantly. Shoppers changed from browsing in-store to digital, giving brands with strong digital shelf or direct-to-consumer offerings a competitive advantage. Smaller brands filled gaps in inventory, and this fueled a brand switch trend that saw 74 percent of shoppers purchasing a product from a brand they hadn’t bought from before.
The acceleration of digital shopping was established in times of need and will continue to grow. Data modernization will define tomorrow’s market leaders. Building a data-driven business requires a blueprint that creates a shared understanding of what is being built and why, what success looks like and how everyday actions will contribute to growth. It needs a sound foundation to ensure anything built will stand the test of time along with a commitment to continuous improvement and accountability for results.