![]() The TechCrunch article referenced above lays out the benefits of integrating data. Single source of truth means better insight (and a better process) ![]() There are several key concepts that increase the odds of successfully instilling a data-driven culture. The core of this mindset relies on using data to influence decisions and direct actions. To make this transition, risk managers need to adopt an enterprise risk management (ERM) mindset, regardless of whether the organization actually has an ERM program in place. Given the potential payoff of a data-driven culture, the analysis-based role of a risk manager can be a linchpin in the effort to elevate the role of data in strategic decision-making across the organization. Given the fairly daunting odds, why are so many organizations still fighting the uphill battle to establish a data-driven culture?īecause, as a TechCrunch article notes, “Being data-driven pays!” As proof, the authors cite an MIT study finding a 5-6% higher output in data-driven organizations and other research indicating a more than $13 payback for every dollar spent on analytics. According to a Gartner study, a similar disconnect is found: 80% of CEOs claim to accept the concept of data as an asset, yet only 10% say their organization treats it that way.
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