July 2, 2020

Pinpointing Your Data Challenge

These days, most decision-makers know they need to leverage the power of data in their businesses – but knowing where to start can be a real problem. Choosing from so many options and approaches can be confusing, even overwhelming at times. The feeling of overwhelm is a dangerous one for businesses and potential data practitioners as it can lead to inertia and even regression. 

We have seen before, in our research and our practical experience about the cost to a business of lack of adoption when embedding data and analytics solutions into their organisations. 

Not starting, or starting on the wrong thing is bad for business. 

As data is so interlinked across the entire organisational landscape – knowing how to use data to solve business issues is key. As there are several components at play at any one time – Data Governance, achieving requisite buy-in, technological and resourcing issues and more – this information overload  poses a huge threat to progress. It holds firms back and prevents them from making inroads into unlocking the power of data. Even when clients do decide to take action, the perceived data challenge often isn’t where they think it is. 

What clients need is perspective. They need to be able to see the wider picture, before drilling in to solve specific problems. In reality, it’s often a chicken/egg situation. Clients often don’t have the requisite knowledge to understand their exact needs when it comes to data. And that lack of expertise prevents them from taking action.

 

A tailored approach

The truth is that the Chief Data Officer is no longer the only buyer of data services. Data has become commoditised, making it accessible to a wide range of stakeholders across the organisation. Facilitators of data can now come from any department. 

The wide variety of data consumers presents service providers with a significant challenge – how to make the power of data available to such a wide audience in a tailored way? A one-size-fits-all approach to advising and onboarding clients doesn’t work, since different data consumers have unique needs and business objectives. 

A Chief Data Officer might have a highly sophisticated knowledge of data, requiring advice on the big picture of a firm’s overall data strategy. And a Chief Compliance Officer might present a more focused and specific use case. Every organisation – and every person within that organisation– is different. This means that each organisational and departmental challenge is different too and therefore requires a different lens, specific to the context of the challenge at hand. 

For example, if the challenge is buy-in, then our data culture and strategy practices are on hand to advise and implement concrete solutions. If the issue is trust, then our data governance team can help. 

Often, data challenges are complex and intertwined in nature – especially ones that cut across multilateral organisational structures and so the challenge.

For example, let’s use the sinking boat analogy. You are in a boat which is leaking water. 

What is your challenge? Is it the rising water level or is it the hole at the bottom of the boat letting the water in in the first place? It could even be the power of your arm muscles to drain the water itself or the volume of water that the bucket can handle. It can depend on perspective – but getting to the root cause of the issue is always best. 

Which is why we have built a tool to get to the bottom of common data challenges.

 

Something fresh

As Mudano has grown, our offering has too. The wider Financial Services data industry has grown too with more need for data and analytics solutions than ever before. We’ve come up with a fresh approach to this challenge. 

We want to make it easy for prospects and clients to get big picture perspective on the data landscape and understand how we can help them to achieve their business goals. So we’ve built an interactive tool to help navigate directly to the solution of common data challenges. 

This tool helps prospective clients understand how they can solve their business challenges through data by linking them directly to our propositions and providing clear use cases to the challenges. 

Our approach to advising and helping clients is challenge-led, bringing everything back to the customer. 

See how we can help solve your data challenge.

Explore the tool. 

 

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