The Vice President of Data Analytics within a large financial services company had been fighting to prove the value of big data for over two years. While it had been established as one of three pillars of enterprise strategy, business leaders didn't understand its importance, weren’t keen on investing in it, and weren’t following instructions on how to capture and use data in their day-to-day business.
Around the same time, the company was trying to evolve into a ‘relationship company’; they wanted to increase the breadth and depth of customer relationships in order to position services in a more personalized way to customers. Doing so would require each business line to embrace ‘big data’ as an integral part of their work processes.
The company needed a new approach and couldn't afford to take months and years waiting for business leaders to come around. They used a Syntegration to bring together a group of 42 leaders from shared services, business units, and executive leadership for a few days, so that they could tackle the challenge of transforming to a “relationship company” through integrating and deepening data and analytics infrastructure and capabilities within the next three years.
The group identified a wide range of topics to discuss, including understanding customer lifecycles, understanding data and analytics needs, and developing a best-in-class data and analytics talent base in the workforce.
Through the Syntegration, the business leaders arrived at a deepened understanding and appreciation for data and analytics and how it could be used to deliver customer (and other) insights that would help them achieve their business and company-wide goals. They also realized that data and analytics applied to their workforce (in addition to their customers), would deliver deep insights into their employees and their progress towards existing customer-first and growth mindset development goals. The VP of Data Analytics commented, “The amount of alignment and buy-in that we developed would’ve taken me another 18 months to 2 years had we not done this.”
Based on the resulting action plan, the critical importance of data and analytics was recognized company-wide, a new Chief Data Officer role was created, (and assigned to the VP of Data Analytics), and several company-wide work-streams were implemented, immediately yielding important quick wins.
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