Know How CEOs Can Promote Data-driven Culture in Companies

Data-driven culture can boost the company to great levels

Businesses around the globe are trying to make productive use of data, analytics, and AI. But the main hindrance holding them back is a lack of culture that values data/analytics capability and decision making. In most of the companies that are strong at data-driven culture, the key decisions are taken through informed data and analytics drawn from the insights rather than through their experiences. While popular companies such as Amazon and Alibaba are doing well with their data-driven culture, some of the traditional companies are still finding it difficult to progress. This is because of a few of the undertaken initiatives aimed at achieving craved cultural change.

Data from surveys taken over time shows that the problem may be getting worse. A survey done by Deloitte of the U.S executives in 2019 found that 63% do not believe their companies are analytics-driven and the other survey says that 67% are not comfortable accessing data from their tools and resources. More than three quarters reported that business adoption of big data and AI initiatives remains a challenge. And nearly 95% of them said that organizational, cultural, and process challenges were the roadblocks to adoption. Whereas only 5% stated technology as an obstacle.

CEO's role

Culture depends on the senior-most leader of the organization, mostly the CEO. Reliance on data during the decision-making process thus highly relies on the CEO that can send a powerful message to the organization. To make progress, CEOs can be moved into the data domain through coaching by experts or internal leads. Thus, the CEO can be a vital champion of the new culture, here comes the role of chief data officer as well in prevalence, visibility, and scope. The CDO can be capable of bringing change by leading new initiatives. Here are a few of the data-driven culture change programs that can let the organization sail hassle-free

Educational programs

Educational programs can be helpful in all parts and levels of the organization. Programs such as design thinking exercises, problem-solving in a group, and hackathons can be more effective than conventional methods.  It is vital to see that appropriate exercises are allotted to the staff at various levels that can benefit from analytics and data-based decisions. The programs should also touch on skills like finding and manipulating data at every level, including senior management.

Leading by example

This can be of great help since showcasing leaders who use analytics and AI in their marketing programs can be beneficial in understanding better. But quite a few leaders recognize the importance of modeling and marketing their use of data and analytics. 45% of the U.S executive respondents said in a survey that their company was appointed as senior management agents for changing the culture.

Promotions and rewards

This is the best way to influence your organization and the employees. The people who can effectively use data and analytics get faster promotions; this statement can instantly boost culture. This approach also requires leadership endorsement and sign-off and execution by Human resources.

The other kinds of strategies also include:

• Highlighting success by early adopters
• Encouraging cross-functional teams with backgrounds in data analytics, business, and technology.
• Launching programs across the organization without leaving any part of the company.

Cultural changes are time taking but can influence every person who joins the organization. And so, it is important to track changes in the data and analytics orientation of the leadership team. For creating a data-driven culture, there is no rest for the weary. The leaders of the organization should believe and focus to persuade others to adopt and maintain it for better progress to occur.