In any industry, data plays a crucial role in business processes and outcomes. Unfortunately, oftentimes business leaders are making important decisions based on unreliable data, putting individual projects and the business as a whole at risk.
If your whole company or an important part of it is engaged in project-driven activities, or what we call project business, building a data-driven culture is critical to success.
What is a Data-Driven Culture?
Building a data-driven culture means having the ability to make decisions based on insights gained using accurate and reliable data. While most businesses collect tons of data, oftentimes that data gets stored away providing no meaningful value. The true value of data comes from the ability to make use of it by building a decision-making culture that is supported by the data.
The data collected not only provides information on improving business processes, decision making, and efficiency, but also predicting future trends and identifying ways to increase profitability.
Whether you’re running projects externally for your customers or managing projects internally, building a data-driven culture is key to ensuring projects are delivered on time and on budget.
Roadblocks to Building a Data-Driven Culture
The problem is many project business workloads and processes tend to operate within different silos and depending on the size and needs of a specific business, the number of silos can be quite extensive. These silos require manual interventions to move processes between them, which causes delays, inefficiencies, and errors. And by the time it takes to get the data to the right person, it’s most likely already outdated and inaccurate.
In addition, insights from data collected within a silo is not helpful to the collective organization. For example, project schedules managed in one application and costs and revenue managed in another makes it difficult to run a stable and profitable business. The lack of process and information integration means data are not shared and project processes are misaligned and disconnected.
Companies that implement a data-driven culture ultimately promote better transparency and accountability which can be unnerving if the data is spread out in different departments and manually integrated. For data to bring value to the organization as a whole, it must be collected and shared between departments. That said, it’s critical to implement a solution that seamlessly integrates all aspects of your business on one platform, providing one source of truth for your entire company.
Project Business Automation: Democratizing Analytics for Better Decision Making
Project Business Automation is a new category of business systems designed for any company who considers projects an important part of their business. PBA is the only solution available that puts projects front and center by integrating and automating the business and operational aspects of projects together in real time.
With PBA, the individual departments within a business are not operating independently of one another with their own point solutions. PBA manages and executes all the associated project-driven processes within a controlled business system, ultimately creating an integrated end-to-end system for the entire company.
The integrated nature of PBA provides the foundation for a data-driven culture by enabling the real-time flow of information and analysis, and unprecedented intelligence for your company. When the right information gets to the right people at the right time, not only are you able to solve problems better and faster, but you know you’re making important business decisions based on reliable data.