What does it mean to call your company "data-driven?" Definitions range from simple reporting to viewing data science as a core business strategy. We asked executives from a variety of businesses to help us identify which traits are essential for becoming a truly data-driven company. See what we learned, and tell us how your organization stacks up.
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Allocate Resources Differently
Companies have been claiming to be "customer-centric" for the last couple of decades, and part of the effort has been focused on personalizing experiences and ensuring customer satisfaction throughout the lifetime of the relationship. Today, customer satisfaction isn't simply about customer service. It also involves anticipating customer needs. As a result, workforce allocation is shifting
"We find that workforces skew more toward customer success. There are more product folks than engineering folks in terms of the personnel count because it's more about reacting to data than it is building raw functionality," said Aziz Gilani, a partner at Mercury Fund.
One quick way Mercury Fund assesses its portfolio companies and potential investments is to look at the customer success team, how it categorizes customers, and how it interacts with those customers to determine how well the company identifies, manages, and minimizes the risks of customer churn.