PGDDB - Assignment 5 - Your Data Strategy

FNB views data as a strategic asset and uses it to build numerous sales campaigns targeting customer preferences and potential opportunities. Most data is stored in a central warehouse but not all areas are integrated, causing data silos. FNB applies data both predictively in decisions and to innovate new products through A/B testing. Business processes need to change to optimize data use and streamline workflows using analytics tools, ensuring data-driven insights are reported to stakeholders. This will shift mindsets towards understanding different customer audiences and addressing their needs.

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PGDDB - Assignment 5 - Your Data Strategy

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Shafana Osman

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Assignment 5 – Your Data Strategy

Assess how your company uses data.

I have based my assignment of how my company, FNB, uses data.

TASK

Assess your company’s use of data by answering the following questions.

1. Does your company view data as a strategic asset? If so, how are you investing in
growing its value over time? If not, what is holding you back?

A lot of value and insights have been derived from the use of data that we have access to within our
company. As an example, we build numerous sales campaigns at the back of the data we receive
from customers in terms of their preferences, lifestyle stages or potential saving and investment
opportunities, to target and/or retarget customers to promote contextual sales offerings.

2. Where is data held in your business? Are you integrating it across silos, or is it being left
within different divisions? What are the challenges of data integration?
Most of our data is stored in the data warehouse where anyone who has access to this repository,
can view and draw insights from this data, however, not all areas in the bank are integrated into the
warehouse causing a misalignment of data being held in the central repository. There is also a
problem of dirty data in the organization where there is no standardized method of writing the data
to the warehouse therefore the information is not necessarily in a usable format. Individual business
units within the bank have their data stored within their silos, this makes it extremely difficult to
collate and obtain a wholistic view of the customer or their product set, where all areas within the
bank are represented. It is often the case that we end up obtaining the different extracts from the
various areas to build a view that we can derive the necessary insights from, however this is very
time consuming and frustrating, and we still miss the wholistic view of the customer.
3. How are you applying the data you have? For example, are you applying it as a
predictive layer in decisions? Or for the innovation of new products and services? (e.g.,
British Air or TWC)
We use our data in both ways mentioned above. We do often use our data to assist with the analysis
of implementing new features on our App or Website. A/B testing is one of the preferred methods to
obtain key insights into driving a certain behaviour, as an example, we wanted to see if customers
would be more likely to visit our platform to view our products via a label change on the icon. We
tested “Product Shop and “Apply Now”. By selecting this option, it would then take you into our list
of products where you can read up on the product and if interested, would then takes you to the
account opening process. This subtle wording change was split 50/50 across our base of customers
for a month. After this time passed, we were able to identify which wording change was most
effective that drove more customers towards our platform and subsequently to view our products
and apply, by means of the data received during this exercise.

Postgraduate Diploma in Digital Business Page 1 of 2

4. How do business processes need change in your firm, if you want to take the best
advantage of your data? Whose job will be different, and how? (e.g., Coke ads)

Business processes need to be managed and optimized for data use. With the evolution of collection
and analytic tools available, our data must be used to streamline workflows, sales, and servicing
elements, and at the same time, reduce the risk of dirty data in the system. It would also ensure
clear reporting to stakeholders within different areas of the bank that we promote data driven
insights that had been obtained and how we plan to improve and innovate around the product and
customer data we house on record. The shift in this thinking had to begin in the sales and marketing
teams to paint a picture and accurately reflect on the sales decays during the sales process via our
various channels and how this translated to potential loss of sales. A closer look at the data dictated
to us what customers are looking at and browsing for. The mindsets of our developers, content
creators as well as designers, had to change to align their thinking, about our customers as different
types of audiences with different needs and how our products and service offerings had to address
these needs of these customers. By following this approach, new possibilities and opportunities
arose where we were able to create content for specific audiences, create relevant contextual offers
and monitor the interactions of each audience group identified. Using this information, we were able
to tweak and adjust our data strategy to allow for the nuances that became clearer through this
process.

References:

[1] David, L. Rodgers. The Digital Transformation Playbook: Rethink your Business for the Digital
Age

[2] CloverDX Blog (July 2019) 5 Data-driven steps to effective Business Process Transformation
Available at: https://www.cloverdx.com/blog/data-driven-steps-to-effective-business-process-
transformation

[3] insideBigData (August 2019) How data analytics improve Business Decisions
Available at: https://insidebigdata.com/2019/08/09/how-data-analytics-improve-business-
decisions/