Data independence is an ongoing piece of work. Which means a data transformation project isn’t a one-off project that you implement and come back to in 10 years-time.
So what role does the culture of your financial services firm play in ensuring the long term success of your data transformation project?
The culture of an organisation traditionally comes from the top. It’s a set of values, a mission and a way of working that is filtered down from the top. And whilst many companies may try to involve teams in curating and creating the company’s culture, it’s a difficult and intangible thing to crack.
But, when it comes to data, a data-focused culture is very likely to come from the bottom up. You see, your team members are much more technologically savvy and proactive than ever before. Which means they see data at their fingertips as an enabler, and not a challenge.
So it’s probably the gatekeepers of your organisation that may need more convincing to get on board with data. For example, using a password to secure information in a spreadsheet feels safe. But, since a spreadsheet can be unlocked in 30 seconds using a password hack, this data storage method represents a perceived sense of control and a false sense of security. For more experienced members of staff (ok, we mean older!) moving away from traditional data management methods might prove challenging. So use the tech-savy, data-hungry team members to sell in the benefits of a data-led organisation.
Creating a data-focused culture is about making sure that everyone in the organisation is comfortable with using data responsibly and without the fear of any repercussions. But to successfully execute a data transformation project, you have to embrace data at every level of the organisation when making decisions. So focus your efforts on getting everyone on board with the benefits.
Talk to teams about replacing gut feel or intuition with decisions based on data and fact and give examples of where this has saved time or made life easier.
When people start to trust the data and see first-hand the value that data brings, you can very quickly build a culture of informed data-based decisions.
To successfully execute a data transformation project, it’s crucial to acknowledge the importance of data for your organisation.
Once it becomes a hot topic, you need to find a partner that will help you build the right foundations and get value from day one; which means resolving the most urgent data issues, making adjustments to protect Business As Usual activity and then leveraging BAU data to work towards data independence.
And, at the heart of data independence is a culture and team that value and respect the power that data can bring. Because when data is embedded in an organisation in this way, teams will start to care about the quality of data input and the impact that these inputs have on future business decisions.
Even if you have internal data management capabilities, a partner can provide a fresh pair of eyes; a different way to look at and leverage your data, regardless of where you are in your data transformation journey. But you need a partner that understands your business, and a partner that will create a system that’s ideal for you.
Want to talk transformation with a partner that always delivers? Get in touch with one of our data management specialists and let's chat.
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