The VP of Data Analytics within a large financial services company had been fighting to prove the value of big data for over two years. Enterprise business leaders didn’t understand the value of data analytics, and were not keen on investing in it.
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 data analytics as an integral part of their work processes.
They needed a new approach and couldn’t afford to take months and years. We applied the formula and brought together a requisite variety of 42 leaders from shared services, business units, and executive leadership who gathered for a few days to tackle this challenge of becoming a “relationship company” through integrating and deepening data analytics within the next three years.
The topics ranged from understanding customer lifecycles, understanding data and analytics needs, and to developing a best-in-class workforce. The group realized that they needed to understand their employees as well as they did their customers, and that workforce data and analytics was a critical investment.
Through the Syntegration, the business leaders arrived at a deepened understanding and appreciation for data analytics and how it could be used to achieve their business and company-wide 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.”
The critical importance of data analytics was recognized company-wide through the creation of a Chief Data Officer role, which the VP of Data Analytics assumed, and implemented company-wide work-streams.
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