Case Studies

In this final chapter, we will delve into the practical aspects of data stewardship, governance, and management by exploring two compelling case studies. These real-world examples will bring to life the theories and practices we discussed in the previous chapters. The first case, Nurturing a data culture with a data mindset, will highlight the importance of fostering a data-driven culture within an organization, using The Bank of East Asia, Limited as a role model. In the second case, Streamlining fund performance and reporting, we will discuss Fencore’s next-generation data management solution to showcase how deploying data strategy as a day-to-day automated operation can streamline complex processes and improve efficiency. These case studies serve as valuable learning tools, offering concrete examples of how data stewardship can unlock significant value for organizations and help them thrive in today’s data-driven business landscape.

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Nurturing a data culture with a data mindset – case study #1

The aim of this chapter is to showcase real-world examples of the principles and practices we’ve discussed throughout the book. In this case, we will look at The Bank of East Asia (BEA), Limited (https://www.hkbea.com), a financial institution committed to fintech and digital transformation as a competitive edge. The BEA recognized the importance of data literacy across its organization and sought to instill a culture of data utilization among its staff.

The BEA faced several major pain points that needed to be addressed:

• The primary challenge was to shift the mindset of employees at all levels toward embracing a data-driven approach in their roles
• The bank also lacked a unified data language, which was critical in fostering effective communication and collaboration among the staff
• Finally, the bank needed to ensure that it had the right tools and standardized data processes in place to successfully...

Streamlining fund performance and reporting – case study #2

With the rapid advancement of technology and the rise of big data, asset managers face a myriad of challenges in managing, analyzing, and reporting data. The global failure rate of data management projects is approximately 50% (https://www.datascience-pm.com/project-failures), a significant statistic that has cost businesses millions of dollars in avoidable mistakes. The root of this issue lies in the outdated legacy systems prevalent in the industry that struggle to meet the evolving needs of modern businesses.

For this case, an investment firm was experiencing the following pain points, which are also common across the financial industry:

• Complexity in data source landscape: Data coming from multiple fund administrators and internal systems in different formats and standards
• Over-reliance on manual processes: They have to manually validate, aggregate, and visualize data with spreadsheets and PDFs (Figure...

Summary

Your business is only as good as your data.

As you can see in the two case studies, the quality of your business insights, decisions, and actions is directly proportional to the quality of your data. Therefore, investing in effective data stewardship is not just a choice but also a necessity for your business’s success.

A business’s data culture is the union of its data mindset and data skill set. A data mindset pertains to the direction your organization takes when it comes to data management. It embodies the values, attitudes, and beliefs that your organization holds toward data. Conversely, a data skillset serves as the enabler. It comprises the practical skills, knowledge, and abilities that allow your organization to handle, analyze, and interpret data effectively.

Treating data as an asset is a fundamental shift in perspective that is essential for modern businesses. Data is not merely an operational by-product; it is a key resource that can drive...