RBC Investor & Treasury Services recently published an Insight piece, based on information gathered at its Investor Forum. One highlight is that data becomes hugely important to organisations if it is in a structured format and combines information from both internal and external sources.
My synopsis follows –
Currently less than half of structured data is used in decision-making, and in most cases this is to satisfy the requirements of day-to-day operations and compliance. Only 36 per cent of the forum’s attendees indicated that their organisations used data for offensive strategies, to extract actionable insights.
For us the most interesting point is the recognition that data and process automation frees up resources, enabling organisations to focus on more valuable activities, such as exception management.
“The panelists explained how driving data standardization across organizations frees up resources. Roles that were previously dedicated to data gathering and preparation can be reallocated towards initiatives that generate greater value and intelligence.”
“Of note, a majority of attendees revealed they are actively pursuing data standardization. According to the audience poll, 63 percent either agreed or strongly agreed that their organization understands and is actively pursuing the standardization of its data.”
The complete piece is entitled “Leveraging data to maintain a competitive edge” and is available at https://www.rbcits.com/en/insights/2017/06/investor_forum_-_leveraging_data_to_maintain_a_competitive_edge