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.