The use of artificial intelligence (AI) has grown rapidly, accelerating during the pandemic. Machine learning, deep learning algorithms and models process huge amounts of data to enable faster, smarter and more efficient decision making. As a result, technology-based forecasts hold tremendous promise for the financial industry, which has long been the custodian of massive data sets.
Business leaders recognize the importance of data tailored to each function and the role that analytics tools play in leveraging data. In this context, data-driven business intelligence software inherently offers a competitive advantage.
Advances in data, analytics and machine learning mean that companies with large amounts of data have an incredible opportunity to take advantage of it. However, they must do so with an eye for scale, change management, and a culture of curiosity.
Data-driven decision making
Dr. Geraldine Wong, Chief Data Officer, GXS, revealed in an exclusive interview with Mohit Sagar, CEO and Editor-in-Chief, OpenGov Asia, that collecting, extracting, structuring and analyzing business information has historically been a task time-consuming that slowed down data – motivated decision making.
Dr. Geraldine, who is now among the top 100 global data and analytics innovators 2022, notes that business intelligence software has since enabled people without significant technical experience to analyze and extract insights. information from their data. Less technology expertise is needed to deliver reports, trends, visualizations, and insights that aid decision-making.
Artificial intelligence technologies such as machine learning and natural language processing are evolving, and when paired with data, analytics and automation can help organizations achieve their goals, whether is to improve customer service or optimize the supply chain.
Businesses need to clearly understand what AI means in the business and then recognize how it adds value to the business. The idea of skill set and multicultural definition is important.
According to Dr. Geraldine, anyone can be a data scientist. The main challenge is finding the right person – the right people with the right skills – and keeping them motivated and engaged.
Additionally, having the right set of digital tools to manage data insights and digital marketing content is essential. With this, organizations can create a strategy to engage their target customer segments from the beginning to the end of their customer journey. For example, businesses can leverage insights into customer behavior and patterns, personas, conversion rate optimization, and many other critical digital metrics to anticipate customer needs and deliver the most relevant products and services. for them.
“How you market your products using these digital technologies will drive engagement because it is derived from data-driven insights,” Dr. Geraldine believes.
Data privacy and trust concerns could also be a cultural component. Distinct cultures have varying ways of communicating and building trust, as well as different approaches to cybersecurity and fraud prevention.
Dr. Géraldine believes it is essential that companies take their responsibility to protect data privacy seriously and know how to build and earn the trust of their customers.
As part of the trust and innovation mesh, Dr Geraldine says there are fundamental questions that need to be addressed – How do we make information more accessible? How can we simplify the use of our application? How do we ensure that our application is intuitive for our customers? She is convinced that businesses have a role to play in bringing traditional physical commerce into a digital space. When integrated with a digital campaign, traditional marketing can reach more people, get the message out faster, and increase campaign ROI.
However, this only happens when different products and services are promoted through a multi-channel approach as part of an integrated marketing strategy. To move prospects down the sales funnel, businesses must ensure that the conversation with customers remains seamless across multiple communication channels, whether online, offline, or both.
Effective data governance
Effective data governance enables business users to make decisions based on high-quality data and well-managed information assets. However, setting up a data governance framework is not easy. Dr. Geraldine strongly believes that data governance should be a priority in both the public and private sectors.
Data ownership issues, data inconsistencies across departments, and the growing collection and use of big data across businesses are all common concerns. Data governance allows processes to run smoothly and reduces errors in a database, giving the business a solid starting point. It also saves time and money.
In terms of data governance in the private and public sectors, Dr. Géraldine is convinced that it must be planned and organized carefully and intentionally. A successful data governance strategy involves careful preparation, the right people, and the right tools and technologies.
A data governance framework provides industry best practices for managing data governance initiatives and exploring data stewardship. Data quality, privacy, and governance as a means of building trust are consistently recognized as the most important issues in data management. As the relevance of data democratization for business transformation grows, the number of non-technical data consumers who want convenient self-service access to data for their use is also growing, but are ill-equipped to control the data correctly.
As expected, the outcomes of the Data Governance, Data Quality, and Privacy journey are key to promoting enterprise-wide data literacy to deliver business value while maintaining trust. It is essential to eliminate operational risks and enable individuals to use data responsibly.
Even though the increasing use of AI and automation is accelerating the process of creating value, everyone in the organization should be able to use data in the same way. This can benefit the organization by making data exchange faster, more widespread, and simpler. Introducing new sources of data and information can facilitate operational reporting and analysis and facilitate data-driven decisions.
Modern businesses need data literacy
Data literacy is about educating stakeholders about the information available and organizing it in a way that makes it easier to identify and consume. When a data governance team recognizes the importance of data literacy in an organization’s data governance strategy, the result is a well-defined data catalog that any member of staff can access.
Building trust is a holistic endeavor: it’s both a matter of leadership and design. This requires both cultural and practical strategies, as well as the commitment of all. Without widespread data literacy and clearly defined data terms and frameworks, communication channels can break down, leading to catastrophic results.
Dr. Geraldine pointed to the recently established Digital Trust Center (DTC) of the Ministry of Communications and Information, which could help the banking sector gain consumer confidence. However, digital trust must be developed and initiated within the organization before spreading to external stakeholders.
Organizations need strong, mutually beneficial partnerships to successfully grow together and exploit new business opportunities to embark on such a remarkable digital journey. Customers can use rapid digital innovation to create new business models, enter new markets, and accelerate profitable expansion.
Additionally, alternative data is becoming increasingly popular in Singapore. Dr. Geraldine is excited about the use of securely shared data to make financial services more accessible to a wider range of customers.
With the development of technology, the banking industry could improve its use of alternative data protection within five years.
In addition to the ethical and responsible use of AI, another data trend that Dr. Geraldine expects over the next two to four years is an increase in the number of organizations that will double the use of data. to create models of customer engagement and within their ecosystems. “What will be interesting to see is how this translates into a better customer experience and how companies ensure strict data protection.”
Given the positive attitude that nations around the world have towards technology and the plethora of digital initiatives being put in place to improve the citizen experience, Dr Geraldine is optimistic about the future of corporate governance. data and the ability to use data securely to improve customer experiences.