Data transformation projects tend to start at a senior exec level, and then get filtered down.
But if you work in financial services, transforming your data into a valuable asset (flexible, available and owned by you) requires a proactive and long-term vision that includes engaged employees.
But aren’t we talking about data, not people? Well, yes. But to successfully execute a data transformation project, you need a structure that secures buy-in from your people.
It may sound simple. Obvious even. But clear and concise communication throughout the organisation is critical to making sure that everyone understands, and is on the same page about, the advantages of the data transformation.
Teams need to be able to visualise and grasp the power that this transformation is going to put in their hands; how easily they will be able to self-service, or how quickly someone else will be able to furnish them with the information they need.
This deep level of understanding, explanation and involvement, helps teams to look forward to data transformation. Which is better than team member being concerned about what’s happened to a particular report, or worrying that they’re not going to be able to get the data they need out of that familiar and comfortable Excel spreadsheet.
Consider this stage as an investment in sharing information in exchange for understanding. Get everyone on the same page so they are convinced that data independence will give them more power, not less flexibility.
We're all time poor. None more so that a lean-running asset manager. But, a little bit of training can go a long way.
Training is crucial to bringing teams on board but there's a balance to be struck. There are a huge number of world-class tools out there which allow you to consume data in the way you want; as long as the data is structured correctly and the source isn’t siloed.
Too much training takes people away from where they are needed and overloads them with information. But specific, speedy and relevant training puts power into the hands of the user and helps them access the data they need, quicker than they’ve ever had it before.
When you have different departments with different needs and data requirements, this can quickly build up into a set of siloed data centres.Which can lead to a hole in your data. To be effective, data needs to be an all-encompassing, company-wide thread.
One way to break down these silos could be to create a ‘Data Council’ with representatives from key departments across your organisation. This creates a company-wide view rather than department-led opinion.
Bringing teams on board may not seem like the natural first step when launching a data transformation project, but, in our experience, it’s the single most powerful thing you can do to ensure your data project is a success(that and picking the perfect partner of course!)
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