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

Summary

The 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.