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Infographic: The virtuous circle of data

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What are the 3 steps to data-driven success? Download full report here: http://bit.ly/VCdata4

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Infographic: The virtuous circle of data

  1. 1. Tlii ifflTiftfi I it: * fifli ? li o l i7lfi'l; Data-driven organisations function differently, according to a global survey of 362 executives conducted by The Economist Intelligence Unit. The groundwork they lay ensures that employees understand the value of applying data to their work, use it effectively and keep coming back for more-in what becomes a self-reinforcing virtuous circle that supports strong financial performance. lt starts at the top. A strong vision is critical to an organisational embrace of data and facts. Executives say the most effective ways to drive I t d d t' fd t : Business success emp oyee engagemen an a op ion o a a are When data use isavalue and _ 48 practice, companies become , ' t i 'ti' . . Training and education more dynamic and profitable. i , i in °I~ 43% Compensation and Leadership example performance incentives Com anies that out erform the com etition are Outperformance in P _ P _P promabmty more likely to have strong leadership Better knowledge- Data lnltlatlves are launched and 58., ,, 49., ,, _ l. Sharing driven by our corporate leadership outperturmers Average and % I I o/ n 70 underperformers e % e . i "Data-driven" businesses 41% (always use data ini business decisions) , , "D -ll li "b i ' ' wifi? , . Liai3'. `b'l3?ZZs. iii`L"i`5lL'l“ J 5 j Engaged employees n culture M “edwin, l Employees are inspired to use data when and innovation Supeno, ,ask it is easily accessible, understandable 78 management and I and useable, executives say. by" operational efficiency 37% 67% Democratise data Only 25% of executives say 43% employees attheir company _ _ are able to readily extract V relevant Insights from data F made availabletothem. ' l ' n = l A data culture Iiml : irlliirreilvinni tani-btw 5% : in oiqpnmrzllloiIhll-qlllillr: Offer training, incentives a ulininr-iiumruil innpaimruil and WWPBNWOUS _ : umi ñinrarit temukan-ilaihi i 5' lairiinll imiiiirsiluraisv J( 7 Infuse data itañtlmvirialmlut Will' “Ening SOURCE: Economist Intelligence Unit global survey of362 executives, September and October 2014 To read the full report, visit virtuouscircleofdata. eiu. com Sponsored by (D The Economist Intelligence Unit Limited 2014 I

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