Mastering the Art of Data Governance: Understand the Business
To steer your organization toward data governance excellence, we present a comprehensive roadmap comprised of sixteen key milestones. Each step will take you closer to harnessing the full potential of your data while ensuring regulatory compliance and data security.
Step #1: Start by gaining a deep understanding of organization’s business operations, goals, and strategies. Knowing how data supports these objectives is crucial.
Overview of organisation’s business operations, goals, and strategies:
Organisation’s Business Operations
Let’s take one of the regional insurance companies, a life insurance group in Singapore and Malaysia. The company provides a wide range of life and health insurance products and services to individuals, families, and businesses. Company XYZ has a strong distribution network of over 50,000 agents and financial advisors. The company also has a strong presence in the digital space, with a growing online customer base.
XYZ’s Goals
- To be the leading life insurance provider in Singapore and Malaysia
- To provide customers with high-quality, affordable insurance products and services
- To grow its business by expanding into new markets and developing new products
- To be a responsible corporate citizen and contribute to the communities it serves.
XYZ’s Strategies
- Focus on customer-centricity: XYZ is committed to providing its customers with a superior experience. The company is investing in digital technologies to make it easier for customers to do business with it. XYZ is also training its agents and financial advisors to provide customers with personalized advice and support.
- Embrace innovation: XYZ is committed to innovation and is constantly developing new products and services to meet the changing needs of its customers. The company is also investing in research and development to stay ahead of the competition.
- Expand into new markets: XYZ is expanding into new markets in Southeast Asia. The company is also exploring opportunities to expand into other parts of the world.
- Strengthen relationships with partners: XYZ is strengthening its relationships with its partners, such as banks and brokers. These partnerships are helping XYZ to reach a wider audience and grow its business.
How Data Supports XYZ’s Objectives
Data plays a critical role in supporting XYZ ‘s objectives. The company uses data to:
- Understand its customers: XYZ uses data to understand its customers’ needs and preferences. This information is used to develop new products and services and target marketing campaigns.
- Improve risk management: XYZ uses data to assess and manage risk. This information is used to make decisions about underwriting and pricing.
- Enhance operational efficiency: XYZ uses data to improve its operational efficiency. This information is used to automate processes and reduce costs.
- Make better decisions: XYZ uses data to make better decisions about its business. This information is used to develop strategies, allocate resources, and measure performance.
By leveraging data effectively, XYZ can achieve its business objectives and maintain its position as a leading life insurance provider in Singapore and Malaysia.
