How BNY Mellon Became a Data-Driven Organization | Eureka!

Gartner
13 Sept 202303:39

Summary

TLDRThe video script discusses the role of data and analytics (D&A) in driving business value, emphasizing the importance of turning data into actionable insights. It highlights the need for D&A teams to collaborate with business stakeholders to solve real-world problems and foster a culture of data-savviness. By creating a community of influencers within organizations, data can be leveraged more effectively. The speaker warns that by 2024, many data strategies may fail due to poor implementation of influencer circles. Ultimately, D&A success lies in embedding analytics within every business function to drive meaningful outcomes.

Takeaways

  • 💼 Only about 50% of CDAOs (Chief Data and Analytics Officers) are responsible for driving business value, highlighting the importance of using analytics effectively.
  • 🚀 If organizations don't drive value through analytics, their competition will, making it crucial for innovation and business success.
  • 📊 The data and analytics team's mandate is not just about creating data paths but about generating insights that directly impact business outcomes.
  • 🤝 Engaging with the business is critical to solve real-world problems using data, ensuring that analytics address practical challenges.
  • 📈 In a data-rich era, businesses need to focus on insights rather than just accumulating data, enabling actionable outcomes.
  • 🧠 Creating a community of influencers within business teams can help drive the adoption and value of data and analytics across the organization.
  • 📱 The idea of 'Instagrammers of data' refers to the need for data influencers within companies to advocate for the value of analytics, much like influencers do on social media.
  • 🎯 A major challenge for data and analytics strategies by 2024 will be organizational failures to implement changes, not a lack of skills.
  • 🌍 Cultural change is essential, with stakeholders becoming not just data-hungry but also data-savvy, understanding the stories data tells.
  • 🔧 Data and analytics should be problem-driven, not just solution-driven, ensuring the business defines the problem first and uses data to address it.

Q & A

  • What percentage of CDAOs are responsible for driving value, according to the data?

    -Just over 50% of CDAOs are responsible for driving value, based on the surveys.

  • What is essential for driving innovation in a business according to the speaker?

    -Using analytics to bring value to the business is essential for driving innovation.

  • What is the primary mandate of the data and analytics team?

    -The data and analytics team's primary mandate is not just to create data paths but to drive insights that correlate with business outcomes.

  • How did the team use data to solve business problems?

    -The team worked closely with the business to understand their problems and used data to solve real-life business issues.

  • What challenge does the modern era of data present?

    -The modern era presents the challenge of having too much data, making it crucial to focus on deriving insights from it.

  • What was the 'Eureka moment' for the speaker in terms of driving value through data?

    -The Eureka moment was creating a community of influencers within business pods to drive the value of data and analytics.

  • Why does the speaker refer to Gartner’s article about 'Instagrammers of data'?

    -The speaker refers to the article to highlight the idea of creating influencer communities within the business to champion analytics, similar to how influencers work in social media.

  • What does the speaker predict for data and analytics strategies by 2024?

    -By 2024, only about 50% of data and analytics strategies will deliver the expected value, not due to a lack of skills, but because of the failure to create influencer circles or centers of excellence.

  • How does the speaker suggest fostering a cultural change around data?

    -The speaker suggests ensuring that stakeholders not only become data-hungry but also data-savvy by understanding the value stories data can tell.

  • What analogy does the speaker use to explain the importance of defining business problems before using analytics?

    -The speaker compares it to going around with a hammer, waiting for a nail to hammer in, emphasizing the need to focus on specific business outcomes rather than creating analytics without a clear problem to solve.

  • What shift did the team experience during COVID, according to the speaker?

    -During COVID, the team shifted from being project-based to having a seat at the strategy table, aiming for analytics to become embedded in the business.

  • What does true success look like for a D&A (Data & Analytics) organization, according to the speaker?

    -True success for a D&A organization is when data and analytics become omnipresent within the business, fully integrated and not seen as a separate function.

Outlines

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Étiquettes Connexes
Data StrategyBusiness InsightsInnovationAnalytics ValueStakeholder EngagementCultural ChangeBusiness OutcomesInfluencer CirclesDecision MakingData-Driven
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