CDAO Fall Keynote: Making Data Fit for Purpose
In an era of rapid technological advancement, industry leaders see data as the bedrock of transformation. A recent panel at CDAO Fall in Boston shed light on this very theme
Digital transformation. Is it still a thing? Our keynote panel at the opening of CDAO Fall argues, yes. But it’s complicated. While AI and other technological tools make headlines, data remains the pulsating heart of every business transformation narrative.
Against the backdrop of CDAO Fall 2023, the Marriott Copley Place in Boston transformed into a cauldron of data and analytics innovation and ideas. A distinguished panel from lead sponsors Informatica discussed the evolving role of data in business.
The Informatica panel featured:
Richard Cramer, Chief Strategist - Healthcare & Life Sciences
Peter Ku, Vice President & Chief Industry Strategist, Banking, Capital Markets, Financial Services
James Sizemore, Chief Strategist, Insurance
Moderated by: Marianna Adamian, Head of Global Industry Portfolio and GTM programs
Prioritizing Impact Amidst 2023’s Economic Uncertainty
2023 has been a difficult year for many businesses. Expensive capital, the after-effects of the pandemic, and the will-it-won’t-it recession are causing trepidation across market verticals.
As a result, businesses are more focused than ever on making tech investments that will have an impact on their bottom line.
“Businesses aren’t just buying things and hoping that people will benefit from them. The cost of capital is higher today and the uncertainties that started this year are not over yet,” said Peter Ku
“We have an acute focus now on new use cases and getting to the value quickly,” added Cramer. “The idea of making investments that may take two to three years to start delivering value is a thing of the past.”
“We are seeing organizations looking at their data strategies and asking how they are going to support the business priorities that they have as an organization,” Ku continued. “What’s stressed even more is the need to tie investments to a measurable business outcome.”
Data as the Core of Digital Evolution
In many cases, efforts to produce measurable value are stymied by the sheer volume of data being collected by the modern enterprise. Organizations are inundated with complex, multifaceted data streaming in from diverse sources.
Thankfully, technology has also delivered tools to make sense of this deluge of data.
“The amount of data that we're dealing with these days is much larger. It's more complex. It's coming from everywhere,” Ku said. “We have an opportunity with the convergence of cloud technologies that provide infinite scalability and availability for computing, as well as technology adoption.”
From relational databases and modern CRMs to today's cloud innovations, technology has continually propelled industries forward, with data serving as the foundation.
But the rapid transformation of business technology that we're witnessing now isn't just about crunching more data; it's about reinventing operational approaches and offering competitive advantages.
“The core functions of the business haven't changed in decades,” observed Peter Ku. “What has changed are the technologies that help these organizations do their job.”
Making Data Fit For Purpose
Generating value from your digital assets is not about having the most data, it’s about having the right data. What’s more that data needs to be accessible.
“Our data has to be accessible, trustworthy, and fit for purpose for us to be productive,” said Cramer. “And until we solve that problem all of the other great things that are potential with cloud, with AI, with digital transformation don't work.”
Making data fit for purpose must be a core tenet of data strategies going forward, according to our panel. It signifies an evolution from a world that prizes volume to one where precision, relevance, and purpose of data take center stage.
But what does 'fit-for-purpose data' truly entail?
For one, it demands a data culture that's both reactive and proactive. It's about anticipating future business needs and shaping data architectures accordingly. Traditional methods of data collection and management often lead to information silos, resulting in inefficiencies and even inaccuracies.
However, 'fit for purpose' goes beyond mere speed. It's about data that's tailor-made for specific functions. In the banking world, whether it's assessing risk profiles, ensuring compliance, or fostering customer relationships, data must be contextual, accurate, and timely.
The revolution lies in recognizing that one size doesn't fit all. Data strategies should be as diverse and specialized as the functions they serve.
“It's not just about saying how we can get good data into your systems. It’s how can we help you transform the way you run your business because that's where the competitive advantage is,” Ku concluded.
About CDAO Fall
CDAO Fall 2023, held at the Marriott Copley Place in Boston united over 100 industry-leading speakers and an audience of more than 250 data and analytics professionals, the event offered an unparalleled platform for discovery, discussion, and development.
With an emphasis on collaborative learning and expansive networking, CDAO Fall 2023 not only showcased the present landscape but also set the tone for the future of data and analytics in North America.
Register your interest in CDAO Fall 2024 here
