
Speaker "Lawrence Cowan" Details Back

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Name
Lawrence Cowan
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Company
Cicero Group
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Designation
Partner
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.