How data can change the way we do business
DataFest is a fantastic initiative, one that showcases Scotland’s leading role in data science and brings together practitioners from across the data ecosystem. It’s more than just a conference – it consists of over 60 events across Scotland.
Scotland is really important to Mudano. We created 40 jobs in Edinburgh after being awarded a £2.6 million research and development grant in October 2018 by the Scottish Government. So we always look forward to DataFest and relish contributing however we can.
The theme of DateFest20, due to kick off on 9th March 2020, is ‘Beyond Data’.
The idea is to showcase the positive real-world impact that data and AI can have on people’s lives. It’s about looking beyond what is possible today, to what might be possible in the future, in order to open people’s minds to the huge possibilities that data science offers.
Speaking from our perspective, this is a brilliant way of framing the capacity of data to unlock unrealised value across entire organisations, and we’re excited about contributing to the discourse. Mudano’s focus this year will be on exploring how data and AI can change the way we work and do business. Our CEO, ED Broussard will be talking about the impact of data now and in the future with a Keynote titled “The impact of now: how data decisions today will build the world of tomorrow.”
We will cover a range of case studies, highlighting the art of the possible in and around data and what exploring what a data-driven society could look like.
We believe that data can help us to do more, and be more. Organisations need to stop seeing data as something that is trapped in spreadsheets, CRMs and PowerPoint presentations, and start seeing it as a living force, one that can breathe new life into a business.
While our work is firmly ingrained within financial services, we believe that the work we are doing can impact and change the world in countless ways. The research and technological advancements that are being brought along by the financial services sector can and will have a positive effect on other industries and wider society.
The decisions that are made in the data industry today can and will systematically change our future.
The importance of culture
While we are a leading financial services data consultancy we believe in all that data can and will have a positive impact across all industries and sectors. Data and AI have the potential to transform businesses, enabling them to delight customers and their own people. It’s no exaggeration to say that a progressive approach to leveraging data can actually transform the way that projects are managed and delivered. But this is easier said than done.
Getting the most from your data requires a mind shift. It’s a top-down process that begins with management deciding to invest in building a different kind of culture – one that is data-led.
What does this mean in practice? It means decision making being driven by facts, not opinion, or gut feeling. Technology teams are used to this kind of approach. But teams across the wider organisation can find it new and unsettling, which leads to resistance. People can’t be expected to embrace that which they don’t fully understand, so the onus is on management to communicate with their people and demonstrate the benefits of a data-first culture in compelling ways.
Overcoming resistance requires great leadership. Established data cultures might seem like they’re organic, bottom-up phenomena, but the process depends on a strategic top-down commitment from management to build a data-first organisation. It’s an investment that bears fruit over the long-term.
Here at Mudano, we work with financial services clients who are looking to make such an investment. Our business is actually pretty simple – we help change organisations’ assumptions and beliefs around data and its value. We encourage clients to ask why they’re employing data analytics. Without a clearly defined sense of purpose, organisations often end up putting their raw data in a data lake where they don’t do anything useful with it. When this happens, insights and value will be lost forever.
Our approach seeks to empower people to see data as an asset, rather than a liability. This is the message we’ll be taking to DataFest20. Data and AI can change the way people work together, and change the way they work with clients. The decisions we make today, in data, can affect tomorrow and, we will be posing this high level thought in addition to tailoring it to our existing proposition set.
Making the data age happen takes foresight and commitment, but embracing change doesn’t need to be scary. It can be exciting and rewarding. And it can take businesses to new heights.