What makes a successful company in 2020? Is it revenue or market share? Or is it something else? Today’s podcast posits that the answer is a lot more technical than that.
In today’s world, it’s not enough to “just” have a data department. Company leaders must invest resources into helping their employees understand and leverage data in their day-to-day work.
Why? Well, this is 2020 — more than ever before, data is crucial for the success of any company. Just as the human body doesn’t perform as well when it’s sick, clunky or misguided data practices will weigh any business down too. What’s important now is setting up a new data structure with designated leaders to enforce best data practices at all times.
Analyzing a company’s human resources data can also reveal future leaders to nurture and bring to their full potential. In fact, DataQuest found that leveraging data can be more effective than past performance in identifying leadership potential.
What does this mean for current company leaders?
For one, they’ll need to invest more resources into creating a data-literate workforce. Future leaders must be able to understand data in order to take their company to new heights. So, there’s no better time than now to upskill employees and break down “data silos.”
Secondly, the need for clean data practices cannot be understated. By identifying data issues now, company leaders can avoid costly fixes later on. By bringing in entire teams to process and analyze data, leaders can cover these two points at the same time.