Today’s volatile business environment has highlighted the importance of data for organizations, as it allows leaders to make the most informed decisions when faced with a wide array of risks and challenges in the present.
Building a data-centric culture and incorporating data into risk management are good targets on a macro level, but what specific characteristics should a team or organization embody for it to achieve data-driven status? These considerations are important to know and will help in creating benchmarks to evaluate performance.
Steve Rhee (pictured), chief digital officer of Arthur J. Gallagher & Co., shared with Corporate Risk and Insurance the five key elements of a data driven team.
Centered on the customer – This means being able to provide an outstanding experience for your customers. Being able to analyze data from your customers and provide them with meaningful data about your company to help them make thoughtful and informed decisions.
Cultural benefit – You must ask yourself key questions like: How will this help my employees do their job better, and how can I make their jobs easier with the data? How can you drive better outcomes for your employees using data? Do I have the right people in the right positions? Am I actively recruiting from a more diverse and inclusive talent pool?
Enterprise wide – It has to reach all parts of the enterprise to truly benefit your customers, partners and employees. Senior leadership has to be committed to utilizing data, and committed to making it easier for the enterprise to manage, interact, and visualize the data. The enterprise approach will accelerate results for all the parties involved and ensure continuity across the customer value chain.
Speed or urgency – The organization needs to be in a position to pivot, to capitalize on new opportunities or shifts in customer demands. Our current environment demands that we accelerate our data and digital strategies from years down to months. We are now entering the recovery period of COVID-19 where we need to be able to pivot from being mostly remote to the new normal. In addition, speed and urgency can help prepare us for next pivot that is required in the market, whatever it may be.
Omni-channel – The enterprise needs to be able to absorb and deliver data through an omni-channel approach. Investments to modernize need to be able to integrate across multiple platforms, channels, and systems that require the sharing of data. The ones who can master the integration and the use of omni-channel can have a massive impact.
These five elements will help an organization become more dynamic to adapt and respond to pressures, such as those brought by the COVID-19 pandemic and other threats, both long-present and emerging.