“Data forward,” “data first” and “data-centric” are buzzwords we are hearing more and more when talking about an organisation’s strategy for interacting with their data. So what do they mean and why should we care?
“Data forward organisations” are those that invest resources to unlock business value from data and build strategies and make business decisions around data insights.
You don’t have to look hard to see why more and more organisations are becoming “data forward”.
According to McKinsey Global Institute, organisations making data-driven decisions are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable.
With these success benchmarks and the promise of discovering business-altering insights in reach, some of the world’s top brands like Lenovo, Jaguar Land Rover, and more are using data to find game-changing insights.
These insights are generating positive outcomes like improved data-driven decision-making, enhanced business operations, and stronger customer engagement.
At Galvia our job is to help our clients become more “data forward”. Our decision intelligence platform integrates data from various enterprise data sources to build predictive models, generate deep insights and then offer visualisations to enable quicker decision-making. Our goal is to give our customers the freedom to focus on what matters most: growth.
Regardless of organisation size, be it small or large, becoming more data forward can be a challenge. Our CTO, Mohammad Waqar, points out that change is more than just technology – it requires a shift in mindset, agility and efforts from leadership and employees.
As we guide our clients through their digital transformation journey and towards the promised land of boosted productivity, reduced costs, and increasing revenue, we emphasise three vital components in delivering a data forward strategy:
1. See Data as an Asset
Chances are you already have reams and reams of data. Perhaps it’s owned by your IT team. Or maybe it’s spread across your business – in marketing, sales, finance, or leadership teams. With seemingly infinite datasets, drilling down into the most relevant, valuable insights is the only way to gain clarity and make better decisions.
The more data you provide AI with, the better it becomes at recognising patterns and predicting outcomes. In the same way humans learn from experience, you could argue that AI behaves similarly.
At Galvia, we start by gathering more and more data and presenting that data correctly. You are giving the AI an advantage to make more informed decisions. The more informed decisions you make, the more data the AI can learn from, and so forth. It’s a data network effect – and of course, it means breaking down data silos in your business.
2. Be Agile
The goal of agile is autonomy and cooperation. At its essence, it provides people with the freedom to think for themselves for the good of the whole team. Working agile provides rhythm to work, allows for quick shifts, and is empowering to employees. Read our blog post on how working agile helped us circumvent the 2020 pandemic. Working agile means you are continually reevaluating, innovating, and incorporating new developments to ensure your organisation stays ahead of the competition.
3. Bringing AI into workflow
Teams must understand that AI is a tool to support, not necessarily to take their job. Galvia’s AI Platform comes with API Support to easily integrate your existing communication tools and database systems, allowing you to adopt decision intelligence quickly and easily across your organisation. You’ll have instant access to a centralised information platform that ensures all decision-makers have the data they need when they need it. Automation of routine tasks will also free up staff to focus on what matters most to them. Explore how automation is making work life better in our blog What Zoomers Want is Automations.
The Future of Work
Gartner has acknowledged Decision Intelligence as a key strategic technology trend and it’s clear it’s an important factor in staying ahead of the competition. Decision intelligence unlocks the hidden insights in data to quickly understand what is happening, why it’s happening, and how to take action.
So, whether you’re looking to grow revenue, reduce costs, or automate processes, you can be sure you are making the best decisions for your business, in real-time.
Being a data-forward organisation, the possibilities are endless:
✅ Faster risk detection and reduction
✅ Improved customer acquisition, loyalty & retention
✅ Increased team agility & productivity
✅ Streamlined processes & operations
✅ Informed, targeted Business Development campaigns
Convinced? Talk to us today about becoming a data forward organisation.