Why turnover among chief data officers is so high and what can be done about it.
Marketing based on the next best action requires effective data handling for success. For Canadian insurer, Beneva, however, silos were standing squarely in the way. With over three million customers and CA$13 billion in assets, Beneva is one of Canada’s largest financial institutions. They had over 75 years of product and customer data, but that data was isolated in various systems, databases, and customer portals.
I recently sat down with CFODive to discuss the importance of modern financial analytics in transforming the way financial leaders and their organizations operate – a topic that is only becoming increasingly prominent. Business strategies have had to rapidly adjust to address market volatility, consumer trends, and unpredictable world events. These dynamics have forced finance teams to rethink how they are using data and analytics and take a more modern approach.
Artificial intelligence (AI) has been a focus for research for decades, but has only recently become truly viable. The availability and maturity of automated data collection and analysis systems is making it possible for businesses to implement AI across their entire operations to boost efficiency and agility. AI has the potential to transform operations by improving three fundamental business requirements: process automation, decision-making based on data insights, and customer interaction.