{"id":20879,"date":"2024-05-23T15:47:32","date_gmt":"2024-05-23T15:47:32","guid":{"rendered":"https:\/\/interface.media\/?p=20879"},"modified":"2024-05-23T15:47:40","modified_gmt":"2024-05-23T15:47:40","slug":"building-a-data-driven-culture-takes-more-than-just-shiny-toys","status":"publish","type":"post","link":"https:\/\/interface.media\/blog\/2024\/05\/23\/building-a-data-driven-culture-takes-more-than-just-shiny-toys\/","title":{"rendered":"Building a data-driven culture takes more than just shiny toys\u00a0\u00a0"},"content":{"rendered":"\n<p>In an economy defined by the looming threat of recession, spiralling cost of living, supply chain headaches, and geopolitical&nbsp; turmoil, data-driven decision making is increasingly making the difference between success and failure. By the end of 2026, worldwide spending on data and analytics is predicted to almost reach $30 billion.&nbsp;<\/p>\n\n\n\n<p>A <a href=\"https:\/\/foundryco.com\/research\/state-of-the-cio\/\">recent survey<\/a> of CIOs found that data analysis was among the top five focus areas for 2024.&nbsp;<\/p>\n\n\n\n<p>However, many organisations are realising that investment into data analytics tools does not automatically equate to positive results.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-adrift-in-a-sea-of-data-nbsp\">Adrift in a sea of data&nbsp;<\/h3>\n\n\n\n<p>A growing number of organisations in multiple fields are experiencing a gap between their data analytics investments and returns. New research conducted by <a href=\"https:\/\/www.thedrum.com\/news\/2024\/03\/13\/which-cmo-are-you-trail-blazer-or-flame-thrower\">The Drum and AAR<\/a> (focused on the marketing sector) found that over half (52%) of CMOs have enormous amounts of data but don\u2019t know what to do with it.&nbsp;<\/p>\n\n\n\n<p>In 2022, a study found only 26.5% of Fortune 1000 executives felt they had successfully built a data-driven organisation. In the 2024 edition of the study, that figure <a href=\"https:\/\/www.techtarget.com\/searchcio\/tip\/Tips-for-creating-a-data-driven-culture\">rose to 48.1%.<\/a> However, that still leaves over half of all companies investing, trying, and failing to make good use of their data.&nbsp;<\/p>\n\n\n\n<p>Increasingly, it\u2019s becoming apparent that the problem lies not with <a href=\"https:\/\/interface.media\/blog\/2024\/04\/29\/digital-maturity-means-better-business-outcomes\/\">digital tools<\/a> that analyse the data but the company cultures that make use of the results.\u00a0<\/p>\n\n\n\n<p>\u201cThe implementation of advanced tools and technologies alone will not realise the full potential of data-driven outcomes,\u201d <a href=\"https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2024\/05\/20\/beyond-the-tools-building-a-data-driven-culture\/\">argues Forbes Technology Council member Emily Lewis-Pinnell<\/a>. \u201cBusinesses must also build a culture that values data-driven decision-making and encourages continuous learning and adaptation.\u201d&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-build-a-data-driven-culture-nbsp\">How to build a data-driven culture&nbsp;<\/h3>\n\n\n\n<p>In order to build a data-driven culture, organisations need to shift their perspective on data from a performance measurement tool to a strategic guide for making commercial decisions. Achieving this goal requires top-down accountability, with buy-in from senior stakeholders. Without buy-in, data remains an underutilised tool rather than a <a href=\"https:\/\/interface.media\/blog\/2024\/05\/03\/people-process-not-technology-are-the-problem-with-digital-transformation\/\">cultural mindset<\/a>.<\/p>\n\n\n\n<p>Additionally, siloed metrics lead to conflicting results, hindering effective decision-making and throwing even good data-driven results into doubt. Taking a unified data perspective enables organisations to trust their data, which makes people more likely to view analytics as a valuable resource when making decisions.&nbsp;<\/p>\n\n\n\n<p>In the marketing sector, there\u2019s a great deal of attention paid to the process of presenting data as a narrative rather than just statistics. Good storytelling around data insights helps various departments ingest and align with the results, in turn resulting in more stakeholder buy-in. This doesn\u2019t happen as much outside of marketing and other soft-skill-forward industries, and it should. Finding ways to humanise data will make it easier to incorporate it into a company\u2019s culture.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making the most of your organisation\u2019s data relies more on creating the right culture than buying the latest, most expensive digital tools. <\/p>\n","protected":false},"author":480,"featured_media":20880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"apple_news_api_created_at":"2024-05-23T15:47:37Z","apple_news_api_id":"2cfe9b1f-35ed-44bb-a65f-fb66bbc9dc09","apple_news_api_modified_at":"2024-05-23T15:47:37Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/ALP6bHzXtRLumX_tmu8ncCQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3],"tags":[],"topic":[614,650,651],"class_list":["post-20879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-interface","topic-data-ai","topic-digital-strategy","topic-people-culture"],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - 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