Digital transformation spans across people, process, technology and culture. Creating a data-driven culture starts at the very top, meaning that leaders must lead by example. Having reliable data and analytics in place is an essential part in enabling organizations to make smarter decisions and better business outcomes.
In this episode of Cherry Bekaert’s Digital Journeys podcast series, Jim Holman, Director and Strategy & Operations Leader, and Dan Mitzenmacher will help you discover the value of developing a data-driven culture in part of a successful strategy.
Listen to this episode to:
- Understand why a data-driven culture is important to business success.
- Discover the importance of trustworthy data and analytics for leaders to leverage when optimizing business processes.
- Learn practical guidance for leading data-driven digital transformation across your organization.
- Enhance your organization’s data culture and utilization in accelerating growth by developing a strategic roadmap for multiple sources of data.
If you have any questions specific to your situation, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.
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HOST: Hello and welcome to Digital Journeys. In this episode we examine the importance of data and how it delivers value to a company.
HOST: We hear from Jim Holman and Dan Mitzemacher, experts in maximizing data's potential. I will turn it over to Jim.
JIM HOLMAN: Thanks, Jerry, for the intro. I'm pleased to be joined by Dan Mitzemacher, who will speak with us about data strategy.
JIM HOLMAN: Dan, when you work with companies to define a roadmap that supports their growth objectives, why is it important to develop a data strategy?
DAN MITZEMACHER: Data is an important asset and an enabler of a company's growth strategy. Some say information is the oil of the 21st century.
DAN MITZEMACHER: Data allows companies to make profitable decisions and provides visibility into business operations. Overall, it is key to extracting value across the organization by leveraging the information they have.
JIM HOLMAN: What kinds of outcomes are organizations looking to achieve with their data that they are not getting today?
DAN MITZEMACHER: To scale and grow, organizations seek more efficient processes. Many companies still rely on spreadsheets and manual processes, and they want to use data to create operational efficiencies and cost savings.
DAN MITZEMACHER: They want to do more with less across the organization, enhance products, and identify new revenue opportunities. Data helps determine which divisions or products to focus on and enables a better customer experience.
JIM HOLMAN: What challenges can companies expect as they begin their data strategy journey?
DAN MITZEMACHER: Many companies struggle to get organized and define a data strategy upfront. Challenges include data governance, data management, clear data definitions, and data cleanliness.
DAN MITZEMACHER: Integrating multiple applications and tools is complex, so creating a single source of truth and an integration strategy is critical. From a people perspective, companies must determine whether they have the right internal skill sets or should outsource, and they need to cultivate a data culture.
JIM HOLMAN: Can you give examples of common use cases where a strong data strategy has driven growth?
DAN MITZEMACHER: There are many industry use cases. We work across financial, operational, and product-related strategies.
DAN MITZEMACHER: In the Office of Finance, common use cases include what-if analysis and financial reconciliation. Operationally, data supports go-to-market strategies, product planning, and revenue optimization.
DAN MITZEMACHER: We also work with private equity firms post-acquisition to unlock value, using data and analytics to identify growth opportunities within acquisitions.
JIM HOLMAN: How do companies get started so they can have a successful journey with meaningful outcomes?
DAN MITZEMACHER: We help companies simplify and develop a plan and strategy that serves as a roadmap. First, assess the current state and data maturity, including the tools and data available to generate insights.
DAN MITZEMACHER: Next, define a vision aligned with business goals and identify requirements, use cases, and the metrics that matter. Prioritize KPIs and develop a roadmap to deliver value.
DAN MITZEMACHER: These steps help establish data ownership and a data culture. We recommend an iterative approach, focusing on quick wins to build momentum.
JIM HOLMAN: What would you say to an organization drowning in data from many sources and feeling overwhelmed?
DAN MITZEMACHER: Simplify the equation by starting with what matters to the organization. Define the metrics they want to derive from the data, then locate data sources and determine the best way to integrate applications and systems to surface that information from the existing environment.
HOST: If you'd like to learn more about improving your organization's data culture and utilization to drive growth through data strategy, please contact us.
HOST: Thanks to Jim and Dan for the discussion today on data. Feel free to like and share this podcast and stay tuned for the next Digital Journeys.
