Driving data accountability through data health reporting
A practical framework and approach for financial institutions
An effective data health management strategy is how bank organizations can help enable greater visibility into the insights that shape operational decisions and initiatives. Discover how you can leverage our framework to help build your path to data health governance and protect your enterprise from costly risks.
Understanding the price of data health
Organizations within the financial services industry can leverage data to help address consumer needs and governance expectations. However, are you confident that the data fueling your insights is healthy? Poor data health management strategies can lead to misleading insights, which can be costly. Poor data quality costs organizations an estimated $15 million annually. As the banking landscape continues to evolve, leaders must prioritize data health to enhance risk protection for their enterprise.
A framework to manage data health
As organizations move toward a data health-driven mindset, stakeholders and management must create an action plan to execute strategies aligned to shifting business objectives. Our framework allows leaders to examine the status of their goals and accelerate toward healthy data outcomes.
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From framework to teamwork: Building a healthy data culture
When surveyed, 70% of organizations reported that they have not built a data culture.2 As banks across all operational capacities—from local to international—become more data-driven, leaders must create a collaborative culture across the organization designed to enable every stakeholder to help build and maintain healthy data. Enterprise data management strategies can help put proper routines, roles, and responsibilities in place to adapt to new regulatory and economic demands.
Data healthy organizations leverage every member of the workforce to help drive a sustainable culture. Employees can access, understand, and use data to assist in performing their responsibilities. Stakeholders and management can use heightened visibility to roll out strategies that can help enhance end-to-end data health for their organization. This should provide everyone with a common purpose in building the right culture, as well as create opportunities where everyone welcomes data and the value it brings.
1 Manu Bansal, “Flying blind: How bad data undermines business,” Forbes, October 14, 2021.
2 Randy Bean and Thomas H. Davenport, “Companies are failing in their efforts to become data-driven,” Harvard Business Review, February 5, 2019.
A path toward effective data health reporting
Organizations that address their data health management vulnerabilities should be better able to position themselves to drive accountability, outcomes, and a sustainable path forward. Our three-stage process can help organizations shape an effective data health reporting program:
- Assess the current state of data health reporting capabilities and identify top priorities.
- Design and customize metrics and reporting views with a focus on driving accountability and outcomes
- Operationalize a sustainable operating model, develop and deploy scalable data health reporting.
As data executives in the financial services industry navigate new regulations, products, and digital opportunities, an organization’s data health becomes more critical in helping leaders make well-informed decisions. By putting data health first, you can introduce new value centered on reliable insights.
Ready to continue the conversation? Reach out to our team to see how we can help you along your data health journey.
