Darryll Colthrust talks in EG’s Tech Magazine about implementing a data stretegy
When I started, I promised (at the EG TechTalk Live) that, where possible, I would share what we’re doing and the things we’re learning. So…in 2018/19, Palmer Capital is focussing on data. Specifically; sourcing, capturing and cleaning our data to enable the customer and employee experience we want to provide. Ta-da! No surprises there, because it’s what I’ve been saying from the start. In fact, none of what I’m about to tell you should be a surprise because I hope, increasingly, there is greater understanding in our industry of the importance of data and experience in shaping the future of individual businesses and the property industry at large.
As we’re well underway with the implementation of our strategy, I would like to share three key points to remember when implementing your Digital Strategy and a few free helpful resources.
1. CX, EX and UX all matter
This is the part of my job that I really enjoy. Taking the time to learn and understand what matters most to people, and then crafting that experience. Your Digital Strategy should result in a better experience for anyone that interacts with your brand, irrespective of whether they are a customer or an employee. How that manifests itself will vary.
Figure 1: Why CX, EX and UX relate to organisational change – Aaron Houssian
For example, for some investors, a great customer experience may mean, consistent returns and transparency of portfolio assets & finances at any time, from anywhere. For some tenants, a simple change in the type and frequency of communication is all that’s required. For your staff, automating reports or mobile-working may be the deal clincher. IDEO have created a really good starter kit onHuman-Centred Design to help you understand your customers’ needs. You will also need to standardise on certain experiences and differentiate on others. Knowing where and when you need to focus your resources will require you to engage with your customers and employees.
2. Have a clear vision
You hear this a lot and it’s sometimes dismissed as consultancy fluff and management jargon. It’s not. This is important. This is vital. Yes, I said vital. You’ve got to keep repeating it until it sticks, because the vision is your guide to the success of your digital transformation. It doesn’t have to be complex. If you haven’t created one before, there are lots of examples online to help you through the process. You can also use the Business Motivation Model from Object Management Group to help with constructing your Mission, Vision, Goals and Objectives.
This will help you focus your attention so you can meet your goals and objectives. This stops you trying to boil the ocean and lose momentum before stakeholders can start seeing the benefits.
3. Don’t underestimate the part data has to play in your Digital Strategy.
“Hi! My name is Darryll and I have a data problem.”
It may sound silly, but actually recognising that you have a data problem is a bigger step than you might think. You’ve also got to help everyone else in your organisation understand the magnitude of the issue. Your communication will be shaped by the culture of the company and may require you to appeal to the world view of key individuals and decision makers. It is going to be a bumpy road ahead. Their appreciation for the problem, how it affects them, how they contribute to the problem and what they can do to be the solution will take time and bespoke messaging. To help with some of that messaging and comms, we’re trialling Lunch and Learn sessions. These are short, interactive and informal moments where we all get together to learn and share knowledge.
Based on your vision, your data issues will present themselves in various ways. You may have issues with:
- the volume of data you hold
- the frequency with which you have access to or can process data
- the types of data you possess or will need for the future
- the quality and accuracy of the data
For the eagle-eyed, you will have noticed that each of the points above correspond to the v’s of Big Data. If you’ve no idea what I’m talking about, check this link. All of these “v’s” culminate to provide value to your customers and stakeholders.
Understanding what matters most to your target audience must shape your strategy. It will define the desired experience and determine which data levers need to be pulled to fuel your journey.
Having been at Palmer Capital for only 3 months, we are only at the start of our digital journey although we have managed to clean up, aggregate and centralise c. 70% of our data so far and are rapidly moving through the key milestones I have set to evolve our thinking. It is mission critical to keep your vision in mind as you progress and that for us will only continue to benefit both our customers, investors and employees to continue to drive us forward.
Link to article: https://bit.ly/2mj9DLU