News & Publikationen

2023-05-09

Seven criteria for a data driven company

Just Do Data? There is a lot of talk around how to turn organizations into a data driven company. Which is way more difficult than building a data driven start up.
McKinsey (The data-driven enterprise of 2025. 2022) says that there are seven criteria an organization must fulfill, to become really data driven. Let’s have a closer look and see if we agree:
-          Data is everywhere: in every decision, in every process, every interaction
-          Data processed and analyzed in real time: really? Not so sure about this one. Real time is important for a number of processes, e.g. for personalization in marketing. But do you really need real time data for strategic decisions?
-          Data is available: a flexible central data infrastructure gives easy access to ready to use data needed for everybody in the organization
-          Data is a product: all data must have an owner, responsible for quality, availability and applicability
-          CDO is responsible for creating value out of Data: Assigning responsibility in the organization for creating revenue out of data makes sense, but why not giving business managers part of this responsibility?
-          Data ecosystems membership are crucial to exchange high value, high quality data with other organizations. Certainly not the easiest criterium to fulfill.
-          Data management Automated processes should on the one hand guarantee data availability and at the same time maximize data privacy, cyber security and data quality.

Did you notice? Only few of these criteria are focused on technology only. Most of them are related to strategy, culture and structure of the organization. Management issues, which require guidance of the board.