The ability to tap into meaningful data and MI makes all the difference for business leaders. You’ll be better able to predict future trends, improve operational efficiencies and deliver real commercial success. But getting there is almost always harder than it looks. In reality, most of us end up piecing together disparate insights and drawing vague conclusions. Inevitably, the huge amount of organisational data within our reach goes to waste.

If last year taught us anything, it’s that the importance of operational resilience and adaptability can’t be overlooked. Businesses that use their data effectively have always found it easier to adjust to challenges – be it a company restructure, the tech revolution or a global pandemic.

Because ultimately, good governance and focused oversight is all the more achievable when executives have access to relevant information, with the right level of detail. The logical next step for any regulator is to push for an industry in which a data-driven culture is central. And that’s exactly what regulators across the globe are doing, including ASIC and APRA.

For most businesses, the data needed for strong governance already exists. The key is accessing it effectively, ensuring all this untapped information doesn’t become distracting.

Here are three ways to help you get the most out of your data.

Connect the dots between your systems

It’s rare we find a business in which all internal systems are seamlessly integrated. From extensive databases to the humble spreadsheet, each department will have its own methods for collecting and analysing data. Collating those datasets from across the business tends to be a logistical nightmare. So, the first port of call is investing in a platform that does the heavy lifting for you.

With the right tech, you can also pull back the curtain on stuff you couldn’t possibly have seen before. Staff sentiment and communication patterns can be mined from channels like Microsoft Teams or Slack, meaning you can focus on what is actually happening within the business, rather than what you think might be happening.

Collating datasets from across the business tends to be a logistical nightmare

Get an extra pair of hands

Beware of the trap of getting caught up in seemingly endless banks of data. Once uncovered, the sheer volume of it can be overwhelming, making it more likely that the crucial processing and analysing stages get overlooked. To stop yourself from getting bogged down, invest in skilled resource to help you to clearly transform data into something you can actually use.

 Alternatively, consider upskilling internally. This will help inspire the cultural shift needed to create a truly data-driven business.

Focus your attention

In order to get the most value from data analytics, you need to focus on gleaning the right level of detail to answer the most important governance questions.

 For example, say you wanted to determine whether your BEAR framework meets APRA standards. The platform you use will need to be able to take formal sources of information like accountability statements and overlay them with qualitative data to provide a true picture of any issues. Filtering capabilities should be advanced enough for the end user to be able to drill down to the heart of the problem.

This will ensure the MI you use to make important decisions on governance, culture, or whether to take remedial, is relevant and targeted enough to deliver the right outcomes as effectively as possible – something the industry has been missing for far too long.

How can we help?

Our culture analytics solution, Hemisphere, enables you to do all this and more. Let us show you how.