Creating a data driven culture
- 2. Your Hosts Today Jason Beres Senior VP, Developer Tools jasonb@Infragistics.com Casey McGuigan Product Manager, Reveal cmcguigan@Infragistics.com revealbi.io
- 3. Join us for future Summer of BI webinars! June 10th: Dashboard Best Practices, Do’s and Don’ts June 24th:Building a Data Driven Culture July 8th: Advanced Analytics: Using R & Python July 22nd: Advanced Analytics: Machine Learning with Reveal Aug 5th: Embedded Analytics: 5 Steps to App Modernization Aug 15th: Data Prep & Data Blending https://www.infragistics.com/webinars revealbi.io
- 4. Today’s Agenda 1. What It Means to be Data-Driven 2. The Benefits to Bring Data-Driven 3. Building Blocks for Becoming Data-Driven 4. Reveal Demo 5. Wrap Up House Keeping • Recording and slides will be available after the webinar. We’ll send a follow-up email • Please ask questions in the Questions window
- 5. What is a Data-Driven Culture? Instilling trust and commitment for all members in your organization to collaborate fluidly with transparency based on shared metrics with data at their finger's tips. Discovering new trends and pinpointing leaks in your customer funnel to act more effectively with data-driven insights into your entire customer journey. When data is the primary resource for insights across every department in your organization you can make smarter-business decisions – this replaces decisions based on assumptions and “gut feeling”.
- 6. The role of data and analytics is changing, from being a stand-alone discipline to becoming a catalyst for digital strategy or transformation. “How to Craft a Modern, Actionable Data and Analytics Strategy That Delivers Business Outcome”, Gartner Why a Data- Driven Culture Matters OPTIMIZING BUSINESS OUTCOMES AND PERFORMANCE THROUGH METRICS EXPERIMENTAL DECISION-MAKING ADDRESSING CULTURAL RESISTANCE TO ADOPTING A MORE DATA- DRIVEN APPROACH TOOLING TO FACILITATE DATA STORYTELLING, COLLABORATION AND SHARING
- 7. 65% of data science projects are not operationalized, even though it is easier than ever to access data and create analyses. - Gartner You can increase customer acquisition and retention through: • Analytics • Insights • and Acting on the Insights The volume of data available today is mind-boggling: • There are 2.5 quintillion bytes of data created each day • Over the last two years alone 90 percent of the data in the world was generated Why a Data- Driven Culture Matters
- 8. By 2023, a Digital Ops mindset will be the key reason for more than half of large enterprises meeting their digital transformation goals. Benefits of Data Driven Decisions Making More Confident Decisions When you can better understand the impact of your decisions – you will be more confident in making them. Becoming More Proactive Identify business opportunities, customer journey leaks, weakness in your product before they grow into serious problems. Company Success & Longevity A more agile organization that can pivot and maximize its resources will succeed Awareness & Transparency Keep everyone in your organization in the know, aware of company goals, customer satisfaction, etc. Identify New Revenues of Growth Tying company insights into market trends can help discover new revenue streams Answer the Why Gain a deeper insight into your customers journeys, identify funnel leaks and success points to drive acquisition
- 9. Building Blocks for a Data-Driven Culture LEADERSHIP TRUST COMMITMENT METRICS DATA LITERACY TRAINING
- 10. Leadership “Embed data and analytics into business strategy and digital transformation by creating a vision of a data- driven enterprise, quantifying and communicating business outcomes and fostering business changes fueled by data” Gartner, “How to Craft a Modern, Actionable Data and Analytics Strategy That Delivers Business Outcomes” 1 Building a data-driven culture starts at the very top of your organization. Leaders need to shift the mindset of the organization to begin embracing data and alter the way everyone approaches decision making. • Actively using data daily. • Make a point to ask for data prior to making decisions to enforce data-driven decision making. • Communicate KPIS through different channels such as email, presentation, meetings etc. • Set aside time for training yourself as an executive to learn new data skills. • Display metrics digitally through of office and company webpages to keep data right at the forefront.
- 11. Trust “By 2020, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.” - Gartner 2 Creating a single source of truth for your company will allow you too: • Eliminate any “he-said-she-said” – when data is all being pull from the same location everyone is looking at the same metrics. • Spend less time hunting for data • Enable employees who really know the business and the data to instill trust in other that information is accurate • Expand insights across departments when everyone has access and transparency. • Create less work for your data administrator when managing the organizational data is all in one location
- 12. Commitment “By 2022, more than half of major new business systems will incorporate continuous intelligence that uses real- time context data to improve decisions.” - Gartner 3 Creating a data-driven culture relies on long-term commitment from everyone in the organization. This initiative cannot be a set it and forget it process. To ensure commitment long term: • Ensure analytics tied back to critical business efforts • Keep data at the forefront of employee coaching • Make sure team goals are always present for gauging team performance • Investing in AI technologies will keep data present
- 13. Metrics (that Matter) “Trying to force people to conform their work to preestablished numerical goals tends to stifle innovation and creativity— valuable qualities in most settings. And it almost inevitably leads to a valuation of short-term goals over long-term purposes.” - Jerry Z. Muller, The Tyranny of Metrics 4 Ensure your organization is fully equipped to changing the culture to be data driven: • Choose the right KPI’s to measure success • Research and look at historical data to set realistic goals • Identify new technology needed for the organization to access and analyze data • Assign data administrators responsible for ensuring accurate data and providing the proper access to the organization
- 14. Data Literacy “By 2023, data literacy will become an explicit and necessary driver of business value, demonstrated by its formal inclusion in over 80% of data and analytics strategies and change management programs.” - Gartner 5 Adjusting to working with data means changing the way we operate in our day to day activities. This means that people may not have the needed skills to be data- driven out of the box. Developing a data literacy plan across organizations means: • Ensuring employees understand what data means • Read business charts and graphs • Knowing how to use visualizations with data • Be able to draw correct conclusions from reading data and applying to visualizations • Be able to recognize when data is being used to mislead or when it promotes data bias
- 15. Training “Every beginner possesses a great potential to be an expert in his or her chosen field.” ― Lailah Gifty Akita, Think Great: Be Great! 6 Data can only make an impact if its incorporated in the decision-making process • Training employees on “how” to get to data is just the beginning • How to turn that data into “actionable insight” is the real goal – What tools do you currently have or need to acquire? – Is data readily available? REST API’s, Odata, direct connections? – Does my team understand data visualizations? – Do we hire a data scientist or build from within? – Can we do effective Data Storytelling? Find key stakeholders in the business that have the visibility and data mindset, give them data literacy training and empower them to promote a data- driven culture in your organization
- 16. Then … Why don’t we all have a data-driven culture?
- 17. “He who conquers himself is the mightiest warrior.” ― Confucius Lack of Leadership1 Lack of Trust2 Lack of Commitment3 Lack of Metrics (that Matter)4 Lack of Data Literacy5 Lack of Training6
- 18. Tools to collaborate, share and tell data stories are foundational in a data-driven culture
- 19. Demo revealbi.io
- 21. “Don’t let your enterprise get behind – start promoting a data-driven culture today!” ― Casey Show Leadership1 Promote Trust2 Demonstrate Commitment3 Create Metrics (that Matter)4 Study Data Literacy5 Train Everyone!6
- 22. Use Reveal to Promote a Data-Driven Culture! Start Now at revealbi.io Contact Us for a Personalized Demo! sales@infragistics.com
- 23. Email Us with Questions! Jason Beres Senior VP, Developer Tools jasonb@Infragistics.com Casey McGuigan Product Manager, Reveal cmcguigan@Infragistics.com revealbi.io