The “Data Culture” is progressing rapidly within organizations in many industrialized countries. Companies know that in order to improve their competitiveness and win markets, they must take advantage of the data they have and gain all the benefits they can achieve, such as better customer knowledge, improved decision-making assistance, better performance management (KPI’s, etc.). Tools and softwares and algorithms help them learn as much knowledge and lessons as possible from their data.
The implementation of projects to strengthen and optimize the use of data, including through the collection of internal and external data, their cleaning and structuring allow companies to put in place new resources such as datalakes. Companies have adopted dynamic strategies in order to set up an organization dedicated to their data, for example by setting-up internal departments in charge of data, by recruiting the right profiles (data analysts and scientists), by equipping themselves with the necessary tools and in …. securing their data against attacks by adopting an effective and preventative cybersecurity policy.
Predictive analytics and forecasting are areas that are big consumers of data if effective soutions are to be achieved. A company with well-structured and rich data over sufficiently long periods of time is able to achieve accurate forecasts.
In our view, the adoption and implementation of a “Data Culture” within any organization must at least follow the following:
- Regular monitoring and audits of the data must be set up: what data is hosted, is it in compliance with regulatory requirements, how are they stored safely?
- It is important to follow-up the use of data: which data is used, by whom and why?
- It is important to know how the data is shared within the organization and by its partners.
- It is very important to know on which IT supports the databases, repositories, descriptions are stored, …. and what back-up procedures have been put in place. All documents must be regularly maintained and updated.
- The people and departments within the company who are managing the data must be very well identified at all company levels.
- The data strategy within the company must be well known and shared by all stakeholders (administrators, managers and users).
- The internal organisation with the company must provide clear and accessible information and documentation to all stakeholders. It is important that non-data experts can understand and apply the company’s strategy.
- The “Data Culture” must also be translated into practical use by the various players – people and entities of the company – such as the development of “reporting”, visualization and dashboards to help in decision-making.
It is therefore the sum of all these points mentioned above that makes the “Data Culture” a reality. PREDICONSULT organises a two-day “Data Culture” training course.