More and more businesses understand the need to become data-driven in a competitive market.
Earlier, data was looked at as a supplement to the business operations. But using data as a valuable asset, has become part of the core business strategy for many companies
I talked with Rushanth Vathanagopalan, Head of Data at the CoE for Data and Analytics at Storebrand, a Norwegian financial services company, focusing on long-term saving and insurance.
Rushanth has done extensive contributions to a data strategy, to eliminate Tribal language, align architecture, promote Data Literacy and forming the Data organization towards a reliable business partner to the business functions.
We touched on the following topics and questions:
- The way we view data has changed, also the business view on data has changed. This is evident in the way a consumer requests insights from the CoE for Data and Analytics.
- By approaching data as an asset in a structure way, you can move from prescriptive to predictive use of data.
- What is the value of a data strategy?
- Data means different things, depending on your role, experience, and opinions.
- Compliance and security must be accounted for.
- There is too much potential value and risk in data to not be strategic about how it is managed.
- Who is responsible and sponsor for a data strategy?
- Tech and Data has set up the strategy, but is worthless without by-in from the business functions.
- A Data Strategy should be aligned with business strategy.
- Maturity assessments are important to get an idea of where you are and what tasks can help you progress. It also makes progress traceable. But also proves that the work is bearing fruits.
- Data Literacy is a pre-requirement. And it should be a consistent effort, to ensure the competency is developed organically across the entire business.
- Has Covid-19, home office and distributed workforce been an accelerator for data usage and ultimately data strategy?
- Both yes and no:
- NO, because it is easier to ask and collaborate, while being in the same room. When you have to schedule meetings to address a problem, people try to find solutions on their own.
- YES, because it is easier to share information digitally, consumer needs are earlier communicated, and feedback is quicker received.
- Data Strategy has an impact on architecture.
- Architecture is based on technology, knowledge, and trends at the time.
- A data strategy gives the possibility to review this and align it with the data goals and vision.
- A data strategy needs to be translated into an architecture that supports the business problems to be solved, from reporting to analytics.