Chances are your enterprise data systems and infrastructure look dramatically different than they did 20 years ago. Not only are organizations collecting more data from more sources but they’re also looking to transform this raw information into strategic insights in real time.
While in the past, large, monolithic data architectures may have sufficed, this is no longer the case. In between intensifying regulatory standards and the accelerating pace of change, organizations need to adopt more agile modes of data storage, management and access.
Though technology of course plays a critical role in that endeavor, when it comes to actually actioning data, it’s all about your people. With that in mind, we sat down with Suvrat Bansal, Chief Data Officer, Managing Director, UBS (and presenter at the Cloud Strategy for Actioning Data virtual event) to discuss how to master the people component of your cloud-first data strategy.
Joining People and Technology at the Hip
All too often, data strategies focus too much on technology and systems - just two-thirds of the “golden triangle”. The fact that “it's the people who are finally consuming and using the data to make decisions” is not even considered. However, according to Suvrat, your data strategy should actually be “the glue that holds together people and technology.”
Aligning people with technology is not a one time thing, but rather a continuous process aimed at building user-focused data products and cultivating a data culture across the enterprise. 3 key considerations for driving these objectives include:
End-To-End Engagement
“People are a very important part of the data chain link because they are the one who know what they take as input and what they produce as an output and what subject matter expertise they bring in on top of that,” Suvrat tells us. With this in mind it’s critical that stakeholders are involved with any data science initiative from day one.
Many data leaders leverage collaboration based strategies such as design thinking or tiger teams to facilitate open, ongoing communication with stakeholders/data “customers.” By working together, they’re able to more effectively identify potential data sources, decision points and requirements.
Trust & Transparency
If users don’t trust data outputs, all will be lost. “Without transparency, you cannot create that trust, whether it's for your regulation or your clients or your customers or your internal employees. All of these regulations like CCPA and TDPR are really all about transparency first - ensuring that people know how their data is being used and protected.”
The good news is that data quality and usability go hand-in-hand with transparency. By clearly mapping out your data governance framework, you are not only maintaining regulatory compliance and promoting trust, you’re also helping to ensure data integrity.
Agility
This day in age, data requirements are constantly changing. From new regulations to rapidly fluctuating business conditions, the future is more uncertain than ever. As a result, organizations are increasingly migrating their data and analytics to the cloud.
However, despite the fact that cloud, in theory, offers organizations more flexibility than alternative solutions, that’s not always the case. Success requires a robust cloud strategy that links your implementation/adoption/migration approach to high-level corporate strategy.
To help guide you on this journey, we invite you to attend the Cloud Strategy for Actioning Data Live - a virtual event that brings together leading corporate change makers with technology providing executives to share proven approaches to building high impact cloud strategies.
As mentioned before, Suvrat Bansal, Chief Data Officer, Managing Director, UBS will be speaking at the event on Actioning Data Through A Solid Data Strategy. His session will take place at 9:00 AM ET on October 26, 2021.