Aug 28, 2024
Nov 28, 2024
Breaking Down Data Silos: Building Trust in Reliable Insights
Our client is a leading investment advisory firm in New Zealand, providing customised investment solutions to a wide range of clients, including private individuals, corporations, and institutional investors.
Since its establishment, the company expanded from a single regional office to a national network of advisors. They have played a significant role in some of New Zealand's most prominent corporate transactions, while also providing personalised investment advice to clients across the country.
The Challenge
Years of rapid growth meant data was spread across various systems without a clear plan and governance to build a data foundation for the future.
The siloed systems led to lots of work, data inconsistencies and mistakes, which undermined the firm's confidence in their own data. Consequently, data mistrust resulted in missed opportunities and a lack of data-driven decisions.
The situation was further complicated by the existence of hundreds of disparate Power BI reports. Some of these reports had not been updated in a long time, while others duplicated data using inconsistent metrics. This further eroded trust in the data and made it challenging to identify a single, reliable source of truth.
Recognising the pressing need for a unified data strategy and governance, our client brought in the Data Insight team for expertise.
Our Approach
- Maturity Assessment: Through a series of interviews with individuals across the organisation, we were able to paint a picture of their goals and identify the strengths and gaps in the organisation's data capabilities.
- Data Strategy & Roadmap: Using insights gained from the maturity assessment, we developed a clear and actionable roadmap that guided them on their journey and aligned with their overall organisational objectives.
- Customised Data Governance: Understanding our client's unique needs, we tailored a data governance framework specifically for them. This involved creating operational models that defined roles, responsibilities, and the decision-making process for data from its origin to its end.
- Data Governance in Action: In collaboration with the client, we created policies, processes and procedures, established guidelines, developed data glossaries, and helped define quality standards.
The Outcome
With a robust governance framework and a clear data strategy in place, our client could strategically transform their siloed and untrusted data ecosystem into a data platform primed for making accurate, swift decisions, cementing their place as leaders in the investment advisory sector of New Zealand.
Key Client Benefits
A Clear and Prioritised Plan
Our data strategy roadmap provides a clear and prioritised plan to help you achieve your overall goals with data, ensuring a strategic focus throughout the process.
Organisational Alignment
ith a clear data strategy aligned with the organisation's overall goals, everyone understands what is being done and why.
Data Quality & Clarity Boost
Enhanced Decision-Making
By unifying data terminologies, setting clear quality standards, and implementing robust governance, we empowered our client to harness their data for sharper, more informed decisions, driving optimal investment outcomes for their clients.
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