DEVELOPING a data strategy is critical for achieving organisational success since data is a valuable asset that can drive business decisions, enhance productivity, generate revenue, and create exceptional customer experiences in any organisation.
Most importantly, these leaders know delivering on these priorities means investing not just in data, but also in how they manage it.
A recent survey of 600 chief data officers, chief analytics officers and chief data and analytics officers in the United States, Europe and Asia Pacific shows that more than two in three data leaders (68%) predict an increase in data management investments in 2023.
Organisations are more likely to prioritise these investments – and see the greatest impact from them – when data strategies and business strategies are aligned.
This in turn allows data leaders to feel more empowered and confident in their ability to effectively execute on their data strategy.
And because having a data-driven culture and the ability to use data in business decision-making are imperatives for business success, the right data strategy has never been more critical.
By driving organisational alignment on that strategy and making the appropriate data management investments to support it, they plan to set themselves up for business resiliency and success in 2023 and beyond.
The Union Bank of the Philippines is an example of a winning data strategy that resulted in business success – a 12 times increase in revenue.
The bank was able to provide customer loan approvals in just three minutes, a significant improvement from the four to six weeks it previously took.
Other success includes improvement in data quality for the bank’s Know-Your-Customer initiatives from 35% to 100% in one year, increasing cross-sell and up-sell opportunities while improving security.
The bank was able to enables five times faster covered (large) and suspicious transaction reporting for AMLA compliance (five days vs one day) with much higher data quality.
Another data intensive driven industry is insurance and AIA Singapore deploys their winning data strategy by tackling data governance and management in new and more effective ways, thus enabling them with the tools to win more business and retain their existing customers.
Lastly, through improving data quality and governance – Avis Budget Group’s 650,000 vehicles were able to be connected globally.
This largely optimised the group’s vehicle rental business by supporting global vehicle analytics with an end-to-end data pipeline and gave fleet managers X-fold faster access to track vehicles in real time.
The group also manage to mitigate risk by improving data quality and governance, helping to ensure that fleet data is complete and in the right format.
You can find more successful data-led innovation in this eBook – “How Pioneering Chief Data Officers Are Driving Business Agility” (https://www.informatica.com/content/dam/informatica-com/en/collateral/ebook/data-can-change-your-business_ebook_3943en.pdf).
It is not just essential but critical for C-Suite data leaders to create a data strategy that is unique to their organisation’s circumstances since there is no one-size-fits-all formula for success.
Join us on April 5 for an exclusive closed-door CxO In-Person Dialogue as we engage in an open discussion with top C-Suite data leaders to find out what matters the most to the modern-day C-Suite and how you can have a direct impact on your organisation’s success.
