Data-driven reinvention
November 19, 2020
RESEARCH REPORT
In brief
In brief
- Organizations that communicate and institutionalize the commitment to becoming data-driven can grow their business despite any challenges.
- Data-driven CEOs lead with a data first mindset and an organizational culture that embraces data to proactively drive change.
- Data-driven organizations with an enterprise strategy are actually growing at an average of more than 30% annually.
- Accenture has developed a Data-driven Index to help companies realize the possibilities of data-driven reinvention and the prescription for success.
Most leaders struggle to get the most out of data. While many have access to vast amounts of data resources, many have yet to figure out how to harness the vast sea of data effectively or how to catalyze its power and utility. Then one day, a dynamic event occurs, like a pandemic, and CEOs are faced with tough decisions on how to embrace data that responds to these dynamic situations and drive change.
In an uncertain economic environment where long-established companies are struggling, and the majority of business leaders are managing through triage, growth may seem unachievable. That’s not the case. An Accenture study found that data-driven organizations are actually growing at an average of more than 30% annually. But it takes leadership and a “go-big on data mandate” from the CEO.
Data-driven leadership starts with a new mindset, an overall data strategy and an investment in an enterprise-wide data and analytics foundation. This includes investing in data leadership and cultivating data literacy throughout the organization. By instilling a data-driven culture, a CEO can ensure the company is successful and sustainable.
Becoming data-driven
In this report, we discuss the importance of being a data-driven organization in today’s day and age. Our approach helps organizations become data-driven:
30%
Annual growth experienced by data- driven organizations.
90%
By 2022, % of corporate strategies will explicitly mention data as a critical.
In this report, we discuss the importance of being a data-driven organization in today’s day and age. Our approach helps organizations become data-driven:
Enterprise-wide data & analytics strategy
Corporations must develop an enterprise-wide strategy linked to every aspect of their business and informed by IT strategy.
Data foundation
Leaders must prioritize investments and commit to an enterprise-wide data platform, data governance and management processes.
Data culture & leadership
The value of data must permeate across the entire company, from key initiatives to the company’s process and culture.
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At Accenture, we know how to drive reinvention. With the right commitment to an enterprise data strategy, prioritization of data as a part of the organization's culture, and an emphasis on resources to support, organizations can reinvent their businesses and drive growth. Connect with us to learn more about creating a data-driven approach for your organization.
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