After a jam-packed couple of days at CDAO UK event which attracted over 300 CDAO’s and similar across financial services and cross industry, our commercial team in attendance have noted their session and conversations highlights from the event. Have a read below and discover why culture and ‘explainability’ are key for progress and competitive advantage.
Data translators
Just one of the highlights from Dufrains panel ‘Bridging the gap between perception and reality of what data can do for your business’, was that there is a perennial problem across the majority of companies, in terms of “getting the data message across” to business stakeholders. Whether it’s not speaking each others language, concepts which are too abstract to be easily understood, or misalignment with the business’ needs, the end result is frustration all around. One solution could be someone who can sit between the more technical “data & analytics” world and that of the Business Stakeholders. These “data translators” could be the conduit from one to another and would have both technical knowledge and business experience that can translate all requirements so all stakeholders are happy, effective & productive.
Explainability in financial services
‘Explainability’ and transparency in the way customer data is being used for marketing and insight, can form a competitive advantage for organisations as it allows for accountability and therefore can build trust between users/customers and businesses. In addition, it is not only a way to build trust and subsequently brand loyalty but ‘explainability’ is also becoming a necessity due to regulatory changes and legislation.
Offer customers the options to ‘find out more’ and ‘give feedback’ on why and how their data is being used.
Embrace D&I for industry leading data and analytics
Diversity and Inclusion is a core but sometimes overlooked benefit of embracing diversity and inclusion in D&A teams. This includes varying age groups, cultures, ethnicities, genders, socio-economic backgrounds and even personality types. By embracing D&I a business can maximise on new ideas, a variety of skillsets, thought processes, experiences and bring new perspectives to the table that you wouldn’t have otherwise, This fuels innovation and in turn competitive advantage.
Create a data driven culture to accelerate enterprise success
To unlock the full value from your data is through culture, not necessarily the technology. Having what may be considered the ‘best’ and most recent and revolutionary technology can only take organisations so far, unless the people using it and applying it to their business decisions from end-to-end are on board and believe in it.
“I’ve had time to reflect on all of the key note sessions and roundtable discussions i attended alongside the many discussions i had with data leaders on the Dufrain stand, I keep coming back to the same key take away – the importance of your people in your journey to being data driven. I think today all (or at least almost all) organisations we speak to recognise the importance of data and are investing time and money on trying to become data driven. However, all too often they still see data as a technology or IT issue. But there is one consistent theme across the customers we work with and the leaders we speak to who have and continue to really extract the value from their organisation’s data – the ability to combine People, Process and Technology. This is the key to unlocking the insights and value of their data. If your people don’t understand the value of data or take the requisite care to capture and manage it and if you don’t put data management at the heart of your core processes, it doesn’t matter how much you spend on the latest and greatest technology – you’ll just end up with poor insight a bit quicker and looking a little better than it used to!”
– Sean Carmody, Client Account Manager.
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