Technology has since been a proven tool in creating competitiveness in businesses. Financial providers have moved swiftly to utilize Fin-techs in solving some if not all of their core challenges. There is no doubt that businesses who have integrated technology in their day to day operations have gained competitive advantage over their peers. And yet in what seems to be a lucrative venture for businesses, most of them really do not understand the value of the data collected by this technologies and how much that could transform their businesses.

Over time, small micro finance and insurance organizations would have accumulated petabytes of data. The big question remaining how they would harness knowledge from this data. Most organizations never know what a Gold mine the hold after a few years in service. The concept of data science goes beyond discovery, and the promises are even higher to organizations that believe in data. How then do these organizations become data driven?

Strategy

This is the first stage to becoming a data driven organization. The focus is transforming how organizations transact their businesses, the data they transact business with, the personnel in the organization and the nature of data the organization works with.

Creating a data science department or outsourcing to a competent firm will guide the organization on how to grow data science in order to become a data-driven organization. This would later on lead to Investment in technologies that the organization will use to collect data in order to achieve their goals.

People

The people working in the organization will be a driving force towards becoming a data driven organization. Employees need to embrace the data driven culture, adapting evidence based reasoning and data driven decision making. The organization should therefore invest in training their employees to reason like data scientists.

Data

The organization should ensure they have accurate, reliable and timely data. They must ensure that every day’s transaction data is made available. This can be through application databases, real time data through software applications, processed data from application, its only through data that an organization can become data driven.

Technology

The organization should invest in proper technology required to collect, process and analyze data. Applications that support data science techniques (data-mining, machine learning, deep learning) come to play at this stage. By ensuring staff are trained on data science, they begin adapting a data-driven decision making based on the analysis they get from the data they have. There are tons of them on the cloud like the Google Cloud platform, AWS etc.

Creating a data driven organization is a collective responsibility of every stake holder in the organization. The top leadership have to embrace a data driven culture for it to be effected in the organization. Organizations that become data driven rip big in terms of decision making, business projections as well as smooth operations.