The Cost Saving and Efficiency Benefits of well Organised Data Management
A Risk Management and Insurance Company failed to see the importance of excellent data management, New Link helped to change their minds.
Problem Statement:
The client (a Risk Management & Insurance Company) had build a highly fragmented and silo driven organisation and with respect to enterprise reference data management, had low levels of maturity.
The recently installed CDO required assistance to be made aware of the scope of the data discrepncies across the business in order to properly raise awareness through engagement with senior leaders and the OpCo (Operating Committee).
The previous CDO model was deficient when obtaining buy-in from senior management, owing to the lack of quantifiable evidence that there were problems and that there would be positive results if resolutions were prsented.
NLC Engagement:
New Link Consulting engaged 80+ individuals with responsibilities in every segement, geography and function within the business to highlight, understand and catalogue all of the key issues. This research was used to create a log that determined what the root cause was for all issues stemming from the reference data. New Link additionally gathered DQ stats from a numbver of core systems that linked to business consequences.
With all the collected information, New Link carred out several case studies to scale the amount of wasted effort due to deficient data, whilst also providing a cost saving estimate. Included in these cost saving measures were the calcuated value of cross selling opportunities with improved data and more thorough client insight.
Finally, New Link defined the target state, covering topics such as:
- Organisation & Structure
- Governance
- Technology
- Analytics & MI
- Business Quick Wins
- Major business initiatives with reliance on enterprise data
Outcome:
New Link held a well-received comprehensive presentation to the Operating Committee in 2018, highlighting:
- Why data is important
- Consequences of deficient data
- Target state
- Roadmap and approach
- Benefits
- Funding requests
The presentation resulted in senior leadership recognising the consequences of the poor data management and that funding would be installed into the strategy to resolve this in 2019. New Link was extended for four months to assist with mobilising the data programme.
