Most organizations aim to be data-driven and rightly so. With data being created at an exponential level at various touchpoints, it only makes sense to incorporate it into decision-making. Credible data can work wonders and Amazon is a prime example. Data helps the retail giant practice hyper-personalization and price optimization, which gives it a competitive edge. Data has also helped Netflix achieve a 93% customer retention rate, which is commendable.
However, in a rush to become more data-centric, organizations collect more and more data, but in doing so, they ignore a critical aspect, which is organizing and managing data. Often departments end up clamoring for numbers because while data exists, it is not readily available. So, in the end, decisions are made in a hurry with whatever numbers are available.