02:00: Customers are not using what was built. Focus should be on identifying the business people and focus on business outcomes.
04:50: Using an agile process to align business outcomes. Then business strategy would stay strong.
08:00 (Headliner) Data can improve many business metrics if the business audience can get more savvy with data. We should climb the hill by taking the business audience with us.
09:00 (Headliner): Mckinsey will tell you that we can improve EBIT and revenues north of 20% by improving data quality and using data to drive decisions.
13:15 (Headliner): Create a role for data economists in the organization. Their role is to create the economic twin of the data model. Model the economics of any data initiative.
17:00 One of the main things Keyur is proud of is the data risk profile. He introduced the risk index concept. It explains the risk index quantitatively.
21:00 Role of a chief data officer has evolved. Initially, CDOs were focusing on data governance primarily. Now CDOs even focus on data science. Understand the business drivers and collaborate in a way to create value.
23:00: Keyur thought many times before switching from a vendor organization to a chief data officer in a consuming organization. Without mentally preparing, the switch could be problematic.
26:00: Over the last 20 years, business users making decisions based on data has gone from 10% to only 13%. It is not a significant change. This means that there is a lot of room for improvement.
Resources mentioned in this episode:
Keyur LinkedIn: https://www.linkedin.com/in/keyur-desai-1830101/
Podcast website: https://DataTransformersPodcast.Com
Episode Title : A blueprint for data strategy driven by business strategy
Episode Summary: Business executives using data to drive decisions has only gone from 10% to 13% over a period of 20 years. The reason for such a small shift is that the key business people are still not brought up to speed on how focusing on data could improve EBITDA and other business metrics significantly. One of the ways that can be done is by creating a role of a data economist whose job is to create an economic model of a data initiative. Keyur Desai, former CDO of Ameritrade, became a CDO when the job was ill defined and focused more on the data governance aspects. In more recent times, the role of CDO has expanded and included even data science functions. Keyur’s prescription for a successful data strategy is to identify key business drivers and align data strategy to the business strategy that delivers those metrics.
Data Transformers Podcast
Join Peggy and Ramesh as they explore the exciting world of Data Management, Data Analytics, Data Governance, Data Privacy, Data Security, Artificial Intelligence, Cloud Computing, Internet Of Things.