Have a Vision
In order for data to be useful to your organization, it is critical that a vision exists for how data will be used. Data on its own will not help you change the trajectory of your business or help your business solve any problems. 20th Century Fox Film's vision centered around understanding its customers better. With its vision established, the company then went about making the technology investments it needed to help them do realize their vision. Julie Rieger, President, Chief Data Strategist and Head of Media at 20th Century Fox Film warns that companies should "be wary of letting technology decisions masquerade as strategy. Find a vision everyone can rally around — and use data to help you get there."
Get Data Buy-in From The Top
For an idea, vision, or direction to be truly meaningful for the future of an organization, there must be buy-in from the top of the organization. Julie Rieger explains that without the buy-in and support of 20th Century Fox Film CEO, Stacey Snider, becoming data-driven would never have become a company-wide priority.
Map The Data To The Language Of Your Industry
For 20th Century Fox Film, their currency and industry language all revolves around the comparison of films. Where previously the language of the movie industry was gut feeling and experience, now the company uses data to support these gut instincts with evidence. Institutional knowledge is then used to provide an understanding about what the combination of gut instinct and data is conveying.
By better understanding their customer, 20th Century Fox Film has become better at making their customers happier, selling more movie tickets, and generating company growth. Ultimately, becoming data driven has helped them become better at show business.
Click here to read the full article.