On October 12 – 14, Corinium Intelligence hosted its 7th annual “Chief Data & Analytics Officer Fall Conference” (CDAO), a premier virtual summit for Data & Analytics leaders from around the globe. CDAO Fall 2021 brought all of us in data and analytics alike together for three days worth of transformative discussions on aligning data strategy, increasing business value, and “spearheading a data driven culture” for intelligent augmentation.
In today’s market, having a competitive advantage begins with cultural innovation. But how do we get the edge without undergoing a complete digital transformation of our businesses? The answer is, we don’t. In order to succeed, the entire business, not just our data and analytics teams, need to evolve from “the way we’ve always done things” to “the new way we do this” by utilizing data as an engine of growth.
Over the three day virtual event, speakers took a deeper dive into the cutting-edge technologies, such as AI and Machine Learning (ML), where a wealth of common themes, such as the data liquidity, data governance, and data strategy, emerged across the different sessions during CDAO Fall Virtual 2021, equipping attendees with the tools and skills they need to start revving their engines. Let’s dig a little into some of those themes:
A term that has been coined throughout the healthcare and pharmaceutical industries, data liquidity refers to the ability for data to flow throughout systems easily and securely, ensuring its availability to the right people whenever and wherever they need it. This term can also be applied across the board to other industries such as technology, financial services, consumer goods, etc., highlighting the critical need for businesses to provide the right data at the right time to make necessary business decisions. In order to achieve this, it becomes less about the technology and more about “aligning the people and processes cross functionally” and focusing on the lens of the customer, according to Jay Franklin from First Tech. How do we know we’re getting the right data to the right people?
Data governance refers to the quality of the data and the trust we put in it, which can sometimes be seen as a negative or a barrier to productivity, but necessary. As Alex Golbin from Morningstar put it, nothing kills a client meeting faster than presenting a piece of data that they have to point out is wrong and “unless you understand the data you’re building and producing, it just becomes a bias with names.” To achieve data governance your organization needs to develop a collection of processes, policies, and standards that ensure the effective and most efficient use of the information to achieve its goals.
Having consistency in your data and the insights you’re providing is key to showing business value, whether it’s to the execs within your organization or to your customers who rely on the information you provide to make the best possible decisions for themselves.
Now that you have the data and the insights from it, what do you do with it all? In the session hosted by Tellius, Axel Goris, Global Visual Analytics Lead at Novartis presented their perspective on what to do with all the information, specifically how to deliver augmented intelligence at scale, focusing on strategies and best practices within the world of Augmented Intelligence (AI) and analytics. With great innovation comes challenges, however.
The main challenges that Novartis currently faces in supporting business analytics needs are Agility and Scale to Meet Demand, Technology Strategy, Safe & Compliant Delivery, Ongoing Quality Monitoring & The Everchanging Role of IT. Businesses are going big on Data and Digital, which drives significant demand and desire to move at speed with autonomy, taking advantage of the latest technology. This creates a challenge for IT to scale and respond fast enough, creating the need to change their delivery approach.
Check out the full recap of the session with Axel Goris and Tellius to read more about how Novartis is taking action in building their data strategy to deliver Augmented Intelligence at Scale and to view the session in its entirety.
How are you and your business driving the digital transformation to achieve a data driven culture? Share your thoughts with us on Linkedin & Twitter.