A whole bunch of financial institutions have already come midway in their analytics transformation, if not closer to the end. However, without the necessary data and analytics governance policies and guidelines in place, majority of those efforts will fade away without bringing a noticeable business impact. We’ll discuss what sort of governance activities should be planned and implemented around data and analytics functions, and how this should be communicated to the rest of the organization.
- Once you decide to move from a “data rich organization” stage to “analytical competitor”, there are a lot of things to act on such as your data environment, analytical platforms, modern BI user interface, and so on.
- Planning the governance of all those activities from the very beginning of the initiative is a must in order to come up with an executable analytics roadmap.
- The communication strategy is another important pillar for success
- Last but not least, an organization-wide data literacy program would help a lot for each member of the organization to understand the process and actually embrace the envisioned outcome.