By: Mike Brennan, Lead Consultant, Impact Makers and Kevin Cox, AWS SSA, CCSK, Lead Consultant, Impact Makers This is the…
Learn how Impact Makers helps organizations incorporate better, faster data science for data warehousing to provide the accurate, real-time analytics that deliver the most value to their business.
Master data represents some of the most valuable information shared across an organization such as customer, vendor, product, and employee data. It tends to be static and non-transactional in nature, meaning it doesn’t change very often. Master data may also include reference data such as zip codes and U.S. states as part of address data for customers, vendors, or employees.
Across all industries, the race is on for firms to differentiate with data — through data-driven products; enhanced customer acquisition and experience; reduced risk; or streamlined operations (cost-out). C-suite executives have the aspiration and vision to win with data-driven insights, yet most are dissatisfied with the cycles consumed in producing data-driven insights. The time it takes for a business to deliver a quantitative insight from when an internal stakeholder or external customer needs it — let’s call that a firm’s Data ID, short for Data Insight Delay.
Values are proven when demonstrated without a mandate to do so.
You won’t find a financial services institution that does not have a theme of customer, fairness or integrity woven into its core values. The current industry deregulation trend is a powerful opportunity for financial services firms to show and prove their values, and that they exist to benefit a variety of stakeholders, not just shareholders.
Data is something everyone uses and needs to do their job. When people don’t trust their data, organizations have a big problem on their hands and it won’t go away overnight.
The only way to fix a lack of trust is to build trust. Getting employees to buy in to a new way of using data is a process of building trust. Just taking the spreadsheets away won’t work. People are more dedicated to their culture than any strategy.
While there are very tactical and very specific steps to take, it starts with the approach: understanding that data is a business problem, not an IT problem. From there we can focus in, all the way from brand, mission, and operating model, down to the key performance indicators to measure success. This is a process that takes time. Many organizations desire to follow a business-driven approach to data, but find quickly (and surprisingly) they are still treating it as an IT problem and they have a tougher time measuring success than they thought. This is the vital work we love to partner in.