What is a data-driven culture? (Part 1)

Many firms are wondering how to become more data-driven in their approach to solving problems. More often than not, these firms first focus on and invest in technology solutions to give their data meaning and provide deep insights. If you are a leader and you are looking to become more competitive in your industry through becoming more data-driven, do you ever wonder if your competitors are thinking and doing the same thing? How much are they spending on technology in order to crunch more data and deliver deeper insights than you? What is a competitive advantage if all your competitors are fighting with the same technological weapons? You could view Business Intelligence (BI) as just another thing you must now do as a “ticket to the game” in order to remain competitive. However, if you want something close to a sustainable competitive advantage perhaps you should look to the unique culture of your firm and try to influence it to become more data-driven in its approach to solving problems. After all, a critical component of a successful BI or analytics project is the effectiveness of the organization that consumes the data. The Return in the ROI formula for BI systems are almost solely based on the quality of the organization using the new technology and the culture that underpins it. The technology is the investment, the return is how you capitalize on the investment into making data more relevant and consumable. Culture  Why is culture an important competitive advantage? Because a high performance culture is extremely hard to replicate. We’ve all read Good to Great by Jim Collins about how...