Project - Data Innovation Lab
Designed a data innovation lab for one of the UK’s leading high street banks. Delivering over 300% return on investment within 21 months of being established and providing a blueprint for the evolution of their analytics capability.
We’ve defined our 2025 target state, but we don’t know how we’ll get there
Summary
Organisations are looking to drive growth, innovation and disruption through experimentation. They want to quickly answer questions to identify business value. By establishing a Data Innovation Lab, you can rapidly apply techniques in data science to identify and realise tangible business value from your data.
Our value goal was to establish a dynamic environment to drive business innovation through the use of advanced analytics and data science. Thus enabling rapid acquisition of data from anywhere in the organisation, innovative interrogation of data, answering questions to prioritise investment and delivery.
Impact
In just nine weeks, we completed several experiments that significantly improved different areas of the Bank. This included a machine learning model that predicted a 20% uplift in onboarding and drill-down dashboards for end-to-end customer journeys.
The data innovation lab fundamentally augmented how the organisation innovates through data across divisions.
Through the identification and development of both traditional and innovative use cases, we empowered the bank to pose value-based questions and perform advanced analytics, such as machine learning, on existing or new data to drive business decision-making.
Our approach
Start small and prove value
We adopted an agile process designed to work hand-in-hand with business owners and data experts. Collaboration between various areas of the business proved crucial in generating and prioritising initiatives, before validating the value of initiatives to inform decisions on investment and implementation.
Prototyping
Our ‘Value-Discover-Experiment-Prove-Scale’ methodology enabled us to identify and develop over 60 innovative and high-value analytics initiatives, via the use of repeatable use case models.
Long term sustainability
In parallel to the establishment of the Data Innovation Lab, we sought to inform, educate and scale the internal data analytics capability, while reducing our consulting footprint to drive long-term sustainability.