Summary

The provided content discusses the transformation of businesses into data-driven organizations, emphasizing the importance of data and AI in modern decision-making processes.

Abstract

The article "Becoming a Data Driven Organisation Part 1" delves into the concept of data-driven businesses, highlighting the necessity for organizations to shift from traditional decision-making methods to a more data-centric approach. It underscores the challenges faced by businesses in this transition, including overcoming internal politics and the temptation to rely on past successes. The author advocates for a collaborative intelligence model that leverages the strengths of both humans and machines. The post outlines the characteristics of a data-driven business, such as making decisions based on data rather than intuition, embracing change, and transforming data into a monetization opportunity. It also previews upcoming discussions on the challenges, necessary changes, implications, types, and strategies for businesses to become data-driven, as well as the broader topic of digital transformation.

Opinions

The author believes that data and AI are essential for modern businesses to remain competitive and that reliance on past experience and gut feelings is no longer sufficient.
There is a clear stance against complacency based on historical market presence, with the author asserting that future success will depend on data and AI rather than reputation alone.
The article suggests that businesses must reorganize their strategies to integrate both human and machine intelligence effectively, acknowledging that each has areas of superiority.
The author posits that data should be viewed as an asset for monetization, indicating that data-driven businesses are positioned to capitalize on this opportunity.
The author expresses the importance of subscribing to their YouTube channel and following them on various platforms to stay updated with insights on data science and AI.

Becoming a Data Driven Organisation Part 1

What are Data Driven Businesses and what do they need to do to become truly data driven?

Data and AI are forcing to change the business landscape and this leads the organisations to shift from traditional to a more intelligent and data centric decision making. While doing so, organisations face many challenges; some making to hit the border, other being stuck somewhere in the middle fighting with internal politics and other issues. In this series, I would like to discuss those issues and approaches for businesses to become a data driven entity. However, to start with, I will focus on defining what makes a business to be truly data driven.

Organisations usually ought to make decisions based on their cumulative past experience, gut feelings, business rules, and intellectual capital. However, in modern times this has changed a lot; many of them have started leveraging data & AI and those who have not, they should do it sooner than later; and their powers to data analytics to make much and well informed decisions whether they concern the operations, services, delivery, or customer experience. That is in principal anything and everything, and this makes such organisations to be called a data driven Business.

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What makes a business Data Driven?

There are a few aspects which would make a business data driven, and those include the following:

a. The one which makes every decision based on data and not on the basis of gut feelings or anything else.

b. The one who gets rid of the feeling even from back of their mind that we are the champions, we have been here in the market for so many years, now who are these newcomers to tell us how we should run our businesses.

The reason why I am saying this is that you might have been a leader in the past due to whatever reasons or fortune but in future it will be all based on data and AI and not on who you are and what you have been doing in the past. Also, with the changing business models, and all the technological advancements there are more alternatives and people will pick the one which suits them not based on who has a big fame to their name. Definitely, you could still use the past fame and data to your advantage but not just the fame.

c. The ones who redesigns and reorganises their strategy by leveraging the strengths of both humans and machines as the future is based on collaborative intelligence. There are somethings where we as humans are better than machines and some other things where machines are better than humans.

d. The one which transforms data into a monitization opportunity

How to Become Data Driven?

To become a data driven organization, there are various aspects that business would need to consider including but not limited to the following:

Challenges: In this post, I discussed the challenges that keep businesses away from becoming Data-Driven (DD hereafter).
Changes to Implement: In this post, I discussed the changes that organisations need to implement, to truly benefit from data and AI
Implications for the business (Why your business should become data driven?): In this blog, I discussed what you would obtain if you would become a Data-Driven business.
Types of Data Driven Businesses
Changing Strategies
Digital transformation and so on…

I’ll discuss these in greater length in next posts.

In the next blog, I will shed some light on the challenges that keep the businesses away from becoming a Data Driven Business.

Thanks for Reading!

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