Can a data-driven business work, without data analytics and data literacy?

Many organizations are being overwhelmed by huge volumes of data, but they don't know how to reap its benefits.

Data Experts say that data-driven C-Suite must begin with harnessing the power of data analytics to surface opportunity, guide innovation and frame complex decisions.

Making data from all areas of your business readily accessible is just the first step to unlocking business intelligence across your organization. To take your organization to the next level, you need connected data, business analytics, and guidance on how best to use them.

Surviving the Complex Data Ambience

Data-driven decision-makers who wish to leverage the power of data analytics with an aim to surface opportunity, formulate complex decisions to ultimately guide innovation strategies. But how?

1. Forecast probable outcomes of big data choices in rapidly changing environments to quantify risks and rewards.
2. Sharpen your data literacy to understand the true potential of data to enable a smooth transition from intuitive to data-driven thinking.
3. Learn to recognize the opportunities created by high volume and real-time data
4. Working with cross teams to gather business intelligence from data for competitive advantage.
5. Responding quick and dynamically to the real-time market changes to drive innovation.
6. Learn to develop a culture based on data-backed analytics and not rely on intuition-based decisions alone.
7. Understand how to formulate use cases to develop data-driven strategies to facilitate the use of analytics
8. Harness the power of data visualization to decode what story data speaks for itself.
9. Understand how AI, RPA, deep learning and the ultimate machine learning can improve models' accuracy and forecasting capability.
10. Work closely with cross-functional teams to devise your data analytics ecosystem, that encapsulates business intelligence, competitive monitoring, for the organisation's key decision-making objectives.

The data-driven leaders of the modern enterprise must lead their organization to leverage a strategic data analytics function to create exceptional value for the stakeholders and the business community. They must be turbocharged and equipped with powerful data science tools and techniques. Disruptive technologies like artificial intelligence and machine learning are here to stay thus it is viable to accept, embrace and adapt to this organisational change to become more competitive and dynamic in the face of constant disruption.

Summing up, leaders who need to leverage data science to make their organization more competitive, must identify opportunity from their data sources and improve the quality of their decision-making amidst uncertainty and risk that the modern business has to offer.