Data-driven values

To get the most out of any data collected, you and your business should consider adopting a data-driven philosophy. Broadly speaking, this is a desire to analyse data to develop your business – i.e. make changes based on the insights gleaned, rather than dismissing the insights because you don’t want to change!

The core values of a data-driven culture have been defined by Semetis (2018) as follows:

• Flexibility: The business environment is fast-moving. Customers’ needs are constantly evolving, and competition does not sleep. Therefore, it is important that you remain open to adapt to changes in the process based on your observations and the data you gathered and remain capable to integrate the latest information.
• Openness: Remaining open to new ideas and criticism is crucial in moving forward in the pursuit of excellence. It is important that you stay curious and learn from any mistakes and negative returns for the future.
• Sharing: Working with data involves several stakeholders, often from various departments and companies. Good communication may be facilitated by sharing access to information to ensure that everyone is moving in the same direction.

Adopting this approach encourages change to happen, especially internally. It can also impact positively on internal processes that support these changes. Being data-driven is less about data and more a matter of culture and action!