How do you become a data-centric company?

As data plays an increasingly central role in business performance, many decision-makers are considering adopting a data-driven strategy. Wayden tells you more about the benefits of this approach and the best practices to put in place to activate this transition and become a data-centric company.

 

What is a data-centric company?

Adopting a data-centric approach aims to place data at the center of the business of the company. Data is thus considered a real strategic lever and an asset in its own right.

A data-centric (or data-driven) company will build its strategy and processes through the collection, analysis and exploitation of data. Strategic decisions are also based on data.

 

What are the benefits of becoming a data-centric company?

According to a 2023 study by Odoxa for Opendatasoft on the democratization of data in French companies, 85% of decision-makers believe that the use of data is “an important area of development” for their business. It would also be a priority for 39% of them.

In addition, 82% of managers see it as “an essential lever for digital transformation”, in the service of innovation and increased operational performance.

Here are some of the benefits of becoming a data-centric company:

An innovative approach, in tune with the times

Focusing your practices on data allows you to adopt a corporate culture in tune with the times, in line with market trends (digitalization, AI, big data, etc.). For the company, it is therefore an innovative strategy, in line with current and future challenges, that strengthens its competitiveness and sustainability.

Decision-making is made easier

The data-centric approach is also intended to facilitate strategic decision-making. These are based on reliable, clear and precise information. This provides a 360° view, which paves the way for informed, factual, and unbiased decisions.

The end of silos

Data-centricity also helps to decompartmentalize processes and internal practices. Indeed, Becoming a Data-Centric Company involves streamlining the sharing of information and making data accessible at all levels of the company. This implies collaboration and communication that is unsiloed in all strata of society.

Increased performance

The exploitation of data can also maximize operational performance within the different departments of the company. Indeed, data analysis makes it possible to optimize processes and optimize the performance of the Identify flaws and corrective areas on an ongoing basis. Data analytics helps deliver a personalized experience to its customers and guide the company’s entire marketing, sales, and financial strategy. In addition, automatic data analysis can save employees a lot of time and maximize their productivity.

 

The keys to becoming a data-centric company

Becoming a data-centric company is a complex project, which presents significant challenges in terms of IT security and data protection.

Here are some best practices to adopt when transforming your organization into a data-centric company:

• Adopt and instil a true data-driven culture;
• Create a data-centric architecture and adopt tools capable of assimilating a continuous flow of data from different channels (websites, social networks, connected objects, etc.);
• Cover skills needs (CIO, data scientist, data analyst, etc.);
• Decompartmentalize information systems and streamline the flow of data within the various business units;
• Ensure the confidentiality and security of sensitive data and compliance with the GDPR (General Data Protection Regulation);
• Integrate data-centricity into a continuous improvement approach, in order to set up processes that evolve according to technological and regulatory changes;
• Identify the tools, methods and technologies necessary for data collection (artificial intelligence, machine learning, deep learning, etc.);
• List cases of data implementation and use for each of the company’s departments;
• Delimit the perimeters of access to data with the various stakeholders, internal and external to the company;

According to the Odoxa survey mentioned above, only 2 out of 10 French organizations are currently data-centric and use data as a lever for transformation. There are indeed many cultural, human, technical and regulatory obstacles related to this transformation project.

To activate and secure this large-scale digital transformation, it is strongly recommended to be accompanied by experienced professionals, such as an interim manager specializing in data or an interim CIO.

At WAYDEN, we have a large network of managers and interim leaders selected by us on the basis of demanding criteria. We can identify, within this pool, an expert whose know-how and expertise Interpersonal skills are aligned with your purpose and your industry. This high-flying manager or executive, with A career of 15 to 25 years, intervenes in your company for a mission of 6 to 18 months in order to activate this transformation and ensure its success over the long term.