To extract full value from amassed data, organizations need to cultivate and empower a data-driven company culture that starts with a commitment from the C-suite and seeks to empower every employee with accessible data access.

Leading businesses have long known that data is much like oil – an extremely valuable strategic resource that must be tapped and refined in order to unlock its utility. Yet, for all their good intentions, far too many organizations focus efforts on the accumulation of data rather than the refinement and application of data that generates real value. Unkempt information or siloed data that is not easily accessible across business systems or is shared only with a few stakeholders – these are the kinds of corporate habits that exacerbate the problem. At issue? Data acquisition is far easier than conversion of that data via analytics into usable insights. And transforming a business culture to be data-led is challenging and sometimes risky work.

While many have embraced some version of a self-service data analytics model, most companies still struggle to capture the high potential impact of the data they have at their disposal. In a recent Harvard Business Review (HBR) survey, the vast majority of participants (89%) stated that analyzed data is imperative to their organization’s innovation strategy. And while respondents acknowledge that data analytics is successfully enhancing the customer experience and improving operational efficiency, they struggle to apply those data insights to drive innovation and uncover new business opportunities. The painful truth is that many organizations are falling short when it comes to realizing the innate potential offered by data and analytics…keeping data processes and policies unchanged, getting the same incremental results. Those who think differently can create a competitive advantage, tapping into a healthier data culture and adding even greater long-term competitive value to the power of analytics.

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