A Global Canadian bank sought to develop an business oriented data strategy to enable consumption and use of its data assets with the company’s evolving strategy around customer centricity and operational excellence
Business problem and key objectives
The client historically managed its data assets within siloed business units, making the data difficult to access, share, or manage in a consistent way
With data assets and governance fragmented across the organization, key capabilities were beginning to lag industry leaders and the client’s leadership recognized an inability to address changing business needs.
Additional challenges included: (a) The enterprise analytics and data sciences group was unable to make use of data for strategic advantage (b) Product innovation was limited by data access and insight quality (c) Incomplete customer view was resulting in “leaving money on the table” (d) Significant time spent acquiring and cleansing data rather than generating business insight
These challenges created the need for a comprehensive strategy to use Big Data platform as a strategic asset, Reducing dependence on Enterprise Data Warehouse and other data repositories, improve data management capabilities (data quality, master data, metadata, data retention & archival, data security & privacy), data governance, data accessibility and delivery to all areas of the business
Approach & Outcome
Collaborated with the client’s CDO and business leaders to develop a data strategy to generate business value and empower users with timely and accurate analytics
The resulting strategy established Guiding Principles, defined a Target State Data Architecture, Operating Model, identified initiatives in a Lob-based roadmap to deliver desired capabilities, provided a business case and business value realization model, change management strategy and implementation playbook to help implement the make the data strategy
A partly self-funding business case was delivered as the strategy included reduced dependency on EDW, rationalization of data & analytics infrastructure (H/W, S/W, Licensing) across the bank and decommissioning of traditional BI/DW platforms and technologies
The data strategy program was established, teams mobilized and focused on quick wins / PoCs identified in the roadmap
Impact & Benefit
Better utilization of resources and improvement in insights
Increase consumption of data and enablement of enterprise analytics and accessibility of data
Reduced infrastructure costs
