Best Practices to Become a Data-Driven Organization-Best Practices to Become a Data-Driven Organization

Video Transcription

Video Summary

In this webinar, Jared Cornelius, Director of Pre-Sales Consulting at Target, provides an overview of best practices for becoming a data-driven organization. He emphasizes that the journey to becoming data-driven is unique for each organization, but there are commonalities in the approach and shared characteristics among successful companies. <br /><br />Cornelius discusses the stages of the journey, starting with basic business intelligence (BI) and analytics, where companies gain insight from internal data and improve decision-making. As organizations mature in their analytics capabilities, they progress to real-time data discovery and action, leveraging broader data sets and proactive decision-making based on real-time insights. The final stage is competitive analytics, where companies go beyond internal data and start using external data sources and advanced analytics techniques to gain a competitive advantage.<br /><br />Throughout the webinar, Cornelius highlights common challenges organizations face on their journey to becoming data-driven, such as information overload, resistance to change, and prioritization. He also shares success stories from companies in the equipment industry, who have achieved significant productivity improvements, increased technician utilization, and cost savings through inventory optimization.<br /><br />In conclusion, Cornelius emphasizes the importance of planning, choosing the right partner, and focusing on business outcomes rather than just technology features. He encourages organizations to start small and evolve their data-driven capabilities over time, and offers resources and support from Target for those embarking on their data-driven journey.

Keywords

webinar

data-driven organization

best practices

commonalities

business intelligence

analytics

real-time data discovery

competitive analytics

challenges