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Data-Driven Cultures Start at the Top

Big Data

  • There is an explosion of valuable digital data generated by consumers as we live our daily lives.
  • Advances in technology such as AI, Machine Learning and Cloud Computing provide numerous ways to leverage the data.
  • Apart from having Big Data, companies need to have an analytical mindset and culture, merging the best minds with technology.

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IDEA EXTRACTED FROM:

Data-Driven Cultures Start at the Top

Data-Driven Cultures Start at the Top

https://hbr.org/2020/02/data-driven-cultures-start-at-the-top

hbr.org

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Key Ideas

Big Data

  • There is an explosion of valuable digital data generated by consumers as we live our daily lives.
  • Advances in technology such as AI, Machine Learning and Cloud Computing provide numerous ways to leverage the data.
  • Apart from having Big Data, companies need to have an analytical mindset and culture, merging the best minds with technology.

Data Governance by Top Executives

Like any other discipline, becoming good at analyzing data requires seasoning and experience. Executives with deep analytical expertise, sitting on the top of the organizational charts are responsible for spreading a culture of evidence-based, data-driven decision making.

This also ensures that data quality, data hygiene, implementation of data management and data privacy are respected and adhered to.

Analytical Thinking Routines

The larger group of non-executives need to reinforce proper analytical techniques, and while not everyone can be an elite quantitative analyst, there is a certain basic level of proficiency that can be attained.

Employees need to be provided with project opportunities and made to attend training academies that provide the specific activities to be completed for increasing their analytical capability.

Organizations that invest in senior-level expertise and reinforce daily analytical activities will be able to take advantage of Big Data to expand and evolve in the future.

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Skills Needed In Digital Leaders

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  • Able to operate on and enable environments that are more dynamic, team-centric, and connected.
  • Lead and build teams and partner with the broader ecosystems, keep people connected and engaged, and drive a culture of innovation, learning, and continuous improvement.
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Demographics And Leadership Destiny

Millennials expect to be developed via opportunities, mentoring, and stretch assignments. However that is hard to come by in top-heavy companies. 

Most millennials think their roles provide little development while most companies report they have excellent or adequate programs for Millennials.

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Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.

Talent is the largest barrier

Talent is the largest barrier to the successful implementation of new strategies.

Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.

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