Back

Speaker "Lawrence Cowan" Details Back

 

Topic

Leveraging “quick-wins” to gain buy-in for a larger scale data strategy reorganization

Abstract

A regional financial institution had seen significant growth across a majority of the “important” metrics in recent years (i.e., assets, branches, membership, loans approved) but had simultaneously realized that performance could be enhanced through greater utilization of data. The financial institution understood that their data were in silos and that various stakeholders across functions lacked transparency when it came to customer data.

Cicero utilized a phased approach to ensure the financial institution stakeholders could see immediate results, enough to justify a longer-term investment in data strategy which could potentially conclude with the implementation of an enterprise-wide CRM based on a comprehensive data warehouse (enabling a 360-degree view of the customer).   The results of the work in the initial phases enabled the financial institution to begin to leverage customer data and transactions in a way that they never have before.
1.    Identified a comprehensive cross-functional list of goals and objectives relating to data strategy (how various stakeholders would like to use data).
2.    Mapped and illustrated the current state of data at the financial institution (what data are available in what systems, opportunities to “join,” etc.).
3.    Prioritized gaps in existing data strategy (based on goals/objectives and current state of data).
4.    Developed a working “sandbox” (small scale RDMS) to enable “quick-wins”
5.    Piloted 5 “quick-win” initiatives driven by analytics and data made available in the working sandbox.
6.    Formulated target state organizational structure required to support ongoing utilization of data architecture and insights.
 

Profile

Lawrence is a Partner and Advanced Analytics Practice Leader with Cicero Group. Lawrence has spent the last decade building Cicero's analytics practice where he has experience helping Fortune 500 firms solve real business challenges with data, including attrition, segmentation, sales prioritization, pricing, and customer satisfaction. He also leads the firm in predictive analytics and Big Data related engagements, applying Cicero’s deep expertise in strategy execution to ensure data delivers ROI. He has partnered with companies to help them to shift from reactive to predictive analytics by collecting and analyzing real-time information and distributing it across the organization— allowing management to make better, faster decisions that move the business forward. Lawrence is a frequent speaker and thought leader in the advanced analytics space, speaking at events such as Predictive Analytics World for Business and Workforce, Global Big Data Conference, as well as serving as chairperson for the Data Analytics Leaders Event – the place where data chiefs, BI and analytics function heads come together to explore accelerating the path of data-to-value. His views and recommendations on Big Data, and advanced analytics have been published in CIO Review and Predictive Analytics Times. Lawrence holds a Master’s of Science in Predictive Analytics from Northwestern University, an MBA with an emphasis in Business Economics from Westminster College, and a BA from Brigham Young University.