Hanover’s Post

Chief Data Officer has been an up-and-coming role in recent years. But in 2024, it’s becoming a critical one, helping businesses harness the full potential of their data assets and drive growth. For Alex Curtis, Managing Director at Hanover US, the ones who stand to gain the most from hiring CDO talent are credit unions. In his latest insight, Alex sheds light on the pivotal role CDOs play in credit unions’ top priorities, from improving digital member engagement to retaining market share. But despite the value they bring, some businesses are still on the fence about whether they truly need a CDO. Read Alex’s full insight to know more about this hiring trend and why tapping into this talent early is crucial to outperforming competitors: https://lnkd.in/eqVyvQ9E #CDO #data #digital #technology #AI

Our data-centric world demands businesses to have stronger data initiatives, not just because it ensures they meet regulatory compliance, but also because it spearheads AI strategies and provides the insights needed to grow their market share. In response to this rising need, there has been increased hiring activity for Chief Data Officers, especially in the financial sector, where there is a growing imperative for tactical, data-driven strategies amidst heightened competition. Alex Curtis, Managing Director at Hanover US, argues that the CDO role will be particularly promising for credit unions. In his latest insight, he explores how CDOs support credit unions’ top priorities for 2024, and why businesses should be prepared to tap into this talent pool: https://lnkd.in/eqVyvQ9E #CDO #data #digital #technology #AI

Our data-centric world demands businesses to have stronger data initiatives, not just because it ensures they meet regulatory compliance, but also because it spearheads AI strategies and provides the insights needed to grow their market share. In response to this rising need, there has been increased hiring activity for Chief Data Officers, especially in the financial sector, where there is a growing imperative for tactical, data-driven strategies amidst heightened competition. Alex Curtis, Managing Director at Hanover US, argues that the CDO role will be particularly promising for credit unions. In his latest insight, he explores how CDOs support credit unions’ top priorities for 2024, and why businesses should be prepared to tap into this talent pool: https://lnkd.in/eqVyvQ9E #CDO #data #digital #technology #AI

“Just as the Chief Financial Officer is responsible for the flow of money through an organization, the Chief Data Officer job is equally foundational, responsible for creating the free flow of information across the company, making sure that it's accessible, it's safe, it's used ethically, and it's well protected.” - Grace Lee, SVP and CDAO at Scotiabank. I love this quote and thought it was worth sharing. Imagine a company where data is managed with the same level of leadership and oversight as corporate finance. Why shouldn’t it be? Data is the lifeblood of business processes, business decision-making, and process automation. We know that data-driven companies are leading in their markets.  These CFOs likely see their CDOs as their best ally for margin expansion. If you haven’t already done so, consider appointing a Chief Data Officer and put your valuable asset to its best use. #chiefdataofficer #chiefanalyticsofficer #dataanalytics #ai #artificialintelligence #data #analytics Grace Lee

Solidatus recently conducted research with Censuswide, surveying 300 senior data leaders in the financial services sector across the UK and the US to find out if spiralling datasets are affecting their mental health. As data has become the lifeblood of organizations, the huge growth of data, a tsunami of regulation and the rate of change of business processes and systems has created almost unmanageable complexity. This is particularly acute in financial services. We found high levels of data-related work stress (data distress) 87% of senior global data leaders report work-related stress impacting their mental health and well-being. What’s more, if the pressure to go faster continues to induce data distress, productivity and opportunity discovery will be stifled. The cost to the global banking system is hundreds of billions of dollars in lost productivity and missed opportunities. 74% of data leaders are taking data sick days. 71% of senior global data leaders within financial services firms are ready to quit their job.   With global banking estimated to be worth around $20 trillion per year*, even as little as a 5% drop in strategic activity due to data distress represents a $1 trillion reduction in value.   To find out more, please download our report ‘Data Distress: Is the Data Office on the Brink of Breakdown?’: https://lnkd.in/gncUXiX4   #datadistress #datagovernance #datamanagement #datalineage

In 2023, McGraw Hill announced a new Data & Analytics team that works in tandem with our business units to enhance and refine our business outcomes. One of our key areas of focus is the development of a more efficient and accurate self-service business intelligence environment that will provide our teams with trusted, easy-to-gather data. In the past, these metrics were pulled manually by running various queries through several different databases. To implement a more efficient and accurate process, we needed to change the existing data collection process for those metrics, so we began working on a way to automate these data pipelines. Recently, we’ve completely transformed the data collection process by creating several executive dashboards to report on metrics we were never able to before. By unlocking key metrics, we’re able to better inform our internal decision-making and drive enterprise success. There are a lot of smart people at McGraw Hill who are leading great work. I remember a few months back, a colleague remarked, ‘We get paid to help the future generations of the United States' and that stuck with me. What could be better than that?" #BehindTheCube #DigitalTransformation #Innovation

Did you know that 45 percent of credit unions don’t currently have a data strategy in place?! 😲 That's a significant number of institutions missing out on critical member insights! Data can be the key to unlocking growth, improving member experience, and staying ahead of the curve. But where do you even begin? At Datava, we understand the challenges credit unions face. We offer a comprehensive data strategy solution, taking you from collection to activation. 👏 Here's how we can help: - Data Collection and Cleansing: Cleanse, normalize, and curate your data from various sources to ensure a neat and unified view.  - Machine Learning and AI: With machine learning and AI, we equip you with the next best product prompts, forecasting, time anomaly detection, and more.  - Analytics: Create clean, visual dashboards, reports and insights. - Delivery: Send to the right person in the right department at the right time. - Data Activation: Leverage your data across all touchpoints for different process automation, management, and power scheduling. Leverage crucial AI-driven insights across your entire organization to serve members faster and more efficiently. Ready to unlock the power of your data and empower your credit union? Talk to our experts, James Cartwright or Taylor Joyce, today. P.S. Share this post with your network to help other credit unions discover the power of Datava's data strategy!  #creditunions #datastrategy #financialinstitutions #datava #endtoenddataactivation #mememonday

Ever think about quitting your job? 😱 New research shows a staggering 71% of data leaders in banking and financial services have considered throwing in the towel because of data distress. So what’s causing this data drama? How big is the problem? And most importantly, what can be done to fix it? Download our new whitepaper to find out: https://hubs.ly/Q01ZLpF60 #datamanagement #datadistress #burnout

Looking to boost staff performance and increase sales? With Datava’s end-to-end data activation platform, your credit union can deploy powerful and automated goals and incentive solutions that provide management with the tools and insights they need to improve and motivate employee performance. When Launch Credit Union, a leading credit union based out of Florida, partnered with Datava to automate their goals and incentive tracking processes, they saw amazing results. Here's how Datava's platform benefited Launch Credit Union: * Eliminated 60+ days of manual labor for VPs and Branch Managers annually. ✅ * Reduced errors in incentive calculations to 0%, ensuring fairness and accuracy. * Improved employee performance and member service quality through increased motivation and engagement. * Delivered substantial cost savings through reduced labor hours. * Provided actionable data insights for informed decision-making. Want to learn more? Learn more about their success story on our website: https://lnkd.in/gcx2rqEd or contact our data experts, Taylor Joyce & James Cartwright, today to see how our platform can transform your credit union! #artificialintelligence #machinelearning #bigdata #datascience #cloudcomputing #datavisualization #innovation #technology #businessintelligence #digitaltransformation #endtoenddataactivation

Almost all of us are affected by data in our jobs nowadays... but how many of us can use it to it's full potential? The increasing importance of data isn't exclusive to the financial industry either - we see it across all sectors! How are you preparing your tech teams to deal with the increasing data demands placed on them?