Trust, Adaptability and AI - the Keys to Data-Driven Success
In a world where data reigns supreme, the panel on "Becoming a Data-Driven Organisation" offered a compelling glimpse into the future of investment operations.
As industry leaders gathered to discuss the success factors for data-driven enterprises, one thing became clear: the journey to data mastery is not just a technological shift, but a fundamental reimagining of how financial institutions operate.
The panel kicked off with a crucial question: What does it mean to be a data-driven organisation? One panellist aptly summarised it as "taking advantage of data and using it functionally so we can solve problems."
This perspective underscores the practical application of data across the entire business, moving beyond mere collection to actionable insights.
Trust emerged as a recurring theme throughout the discussion. As one panelist noted, "At the end of the day, data is information, if you don't have the right information, trust will erode and everything breaks from there." In an industry where reputation and reliability are paramount, establishing trust in data is not just beneficial - it's essential.
The conversation then shifted to the importance of adaptability in a data-driven world. One panellist insightfully remarked, "One of the key things is being a change manager partner. With data and interacting with data it's constantly changing and you need to help yourself and your partner adapt." This highlights the dynamic nature of data and the need for organizations to be agile in their approach.
A particularly striking quote came from a panellist who said, "If you get the plumbing right, you can build on a data structure. How can you do more with the people you have?" This analogy perfectly captures the idea that a solid data infrastructure is the foundation upon which innovative solutions can be built, ultimately leading to increased efficiency and productivity.
The discussion also touched on the transformative potential of AI in data management.
One panellist shared, "We have our own gen AI tech in-house and I look at it as the game changer." However, they cautioned that the effectiveness of AI is contingent on data quality, emphasizing the need for robust data governance. Cost pressures were acknowledged as a significant challenge in becoming data-driven.
A panellist astutely observed, "Values remain a long time after cost is forgotten." This perspective encourages organizations to focus on the long-term benefits of data-driven strategies rather than short-term cost savings.
The key findings from this panel have significant implications for the financial industry: Data-driven organisations must prioritise building trust in their data across all stakeholders. Adaptability and change management are crucial skills in navigating the ever-evolving data landscape. A solid data infrastructure is fundamental to leveraging advanced technologies like AI effectively.
While cost pressures are real, the value derived from becoming data-driven can far outweigh the initial investment. The journey to becoming data-driven is ongoing and requires continuous innovation and efficiency improvements.
As financial institutions navigate this data-driven future, those who can successfully balance trust, adaptability, infrastructure, and value creation will likely emerge as leaders in the industry. The path to becoming a truly data-driven organization may be challenging, but as this panel demonstrated, the potential rewards make it a journey worth undertaking.
Panellists:
Evan Fire, COO, Pzena Investment Management
Grace Bang, Director Data Products, Liberty Mutual Investments
Matt Severs, Head of Asset Owners – Americas, Simcorp
Greg Nuckowski, Head of Professional Services NA, Rimes
Moderator: Christine Knott, Managing Director, Client Solutions & Business Management, RBC Investor Services
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