How (and why) to become a Data-Driven business*

* even if your business is not a Fortune 500™ company

Why should your business become a Data-Driven business?

  • Data is not measured on the balance sheet.

  • Data is an invisible asset with real economic value

  • Harnessing the power of the data your business owns, collects, and manages will provide

    • Expense reduction opportunities

    • Significantly greater productivity and performance

    • Income opportunities that show up on your Profit and Loss statement

    • Improved customer service

    • Predictive capabilities which

      • Identify specific customer needs and opportunities

      • Highlight potential business risks and hazards

      • Provide real-time tactical insights

    • Optimized business outcomes

  • Increase the value of your business to shareholders, stakeholders, and buyers of your business

How will your business become a Data-Driven business?

  • Appreciate and understand that data has real economic and market value to your business

  • Ensure that the Senior Leadership of the business is committed to creating a Data-Driven culture

  • Align the strategic objectives of the business with the data and analytic objectives

  • Assess the business intelligence maturity of your business on a regular basis

  • Choose the data management and analysis tools which are appropriate for your business

  • Establish (and meet) and continuous 90-day cycle of innovation and improvement

  • Build strong ties between data analysts and line of business team members

The list continues, but you get the idea… Building a data-driven business takes serious commitment

The Bottom Line

  • Becoming a Data-Driven business

    • Strengthens the business while improving profitability and performance

    • Significantly increases the chances for long-term survival of the business

      • In other words, you eat their lunch and not the other way around

    • Becoming a Data-Driven business is a journey, not an event

    • Good News – Cloud technology and innovation means that a large capital investment is not needed to begin the journey

    • Bad News – The journey to becoming a Data-Driven business requires dedicated commitment, talent, and leadership to develop the strategy and culture change needed

    • Better News – Center4BI offers a service that can augment your leadership team

Contact Center4BI to learn more about the Fractional Chief Data Officer service available to future Data-Driven businesses like yours.  Request a consultation from