Rebuilding the data core to drive business performance through data capabilities
Opportunity
The leading Australian financial services organisation had a clear vision to re-invent its business to be simple, client-focused and growth-oriented. Critical to enabling this vision was better managing and leveraging its enterprise-wide data, reporting, and analytics assets and capabilities.
The case for change was clear - they were not set up to respond quickly and adapt to change; data quality was poor; and processes and systems were inconsistent, inefficient and created outcomes that often did not measure up to customer expectations.
The data landscape was highly complex and disparate, containing multiple data assets with overlapping data and capabilities - within technology and the business units. Multiple reporting tools were being used for the same reports across different parts of the organisation and manual manipulation and reconciliation of similar data sets was widespread.
Solution
Embarked on an enterprise-wide transformation program to rebuild its data core, uplift its data capabilities and leverage data as the basis for growth, operational efficiency, and risk management. As part of this:
Drove C-suite executive ownership and leadership of the data transformation and its benefits
Designed a transformation program roadmap to execute against
Developed a fully costed data transformation business case for the transformation program
Supported the establishment of a CDO (Chief Data Office)
Developed an enterprise operating model for data, with specific focus on strategies and business processes covering functions within the CDO to support the future state operating environment (including Data Platforms, Data and Information Architecture, Reporting and Analytics, Information Management, and Data Governance)
Developed a holistic change strategy for the enterprise-wide data, reporting and analytics uplift, including clear comms to push the change initiatives, vision and strategy through the business
Developed a data literacy program including learning initiatives, training programs, and KPIs to uplift data capability across the organisation
Lead a reporting optimisation program to simplify the reporting landscape, reduce the cost and associated risk of reporting through standardisation and increased automation of delivery
Designed a new data platform architecture and the associated cost and benefits modeling, and supported securing endorsement for the platform build
Designed and built the new strategic cloud-based data and analytics platform and implemented
a business unit data warehouse as the first tenant on the modernised platform
Industry:
Financial Services
Essential seven focus
Outcomes
Enterprise data mandate and executive endorsement of the transformation program, covering the full spectrum of data capabilities required for the success of the program
Controlled risk and addressed regulatory concerns and actions by establishing executive-level data governance
Identified cost reduction in data services by rationalising technology assets and streamlining data delivery teams (>$20m identified cost savings)
Establishment of a highly capable, scalable, and cost effective cloud-based data and analytics platform, representing a major cornerstone in the organisation’s data transformation
Implementation of a new data warehouse as the first tenant on the new strategic data and analytics platform
“Data is absolutely critical for a company like [ours] and the journey that we’re going on. We are looking to re-pivot this organisation all focused around clients, and we need to capture better client data to be able to drive better insights and help our clients realise their ambitions.”
