Updating talent banks
In the past, big-picture thinking was limited to the CEO, but Mc Connell says that isn’t the case anymore.
According to Steven Mc Connell, an expert in the recruiting industry, the 1950’s era corporate structure that worked well for so many years is now too rigid for today’s business world.
Banks and credit unions hoping to find success in the future must leverage the mountains of data they generate – in every department.
And to find success in the Digital Age, marketing and IT teams will have to work together more closely than ever before, and the Chief Analytics Officer can facilitate those synergies.
The Chief Innovation Officer should analyze trends and market disruptions, searching for emerging new market opportunities, then provide shelter for promising projects.
While the role of Chief Analytics Officer is often viewed as interchangeable with that of Chief Data Officer or the more common Chief Information Officer, but these titles focus on the input – data or information – not the actionable insights. Most financial institutions aren’t very innovative. They seldom come up with new products, new tools or just about any new ideas of any kind. Because their business models hinge on minimizing risk – something that runs counter to the entrepreneurial spirit fueling more innovative companies.
However you slice it, those financial institutions who have the best data sets (their input) and the best algorithms (their output) will win. According to the Harvard Business Review, a Chief Innovation Officer should be promoting open innovation, and introducing group tools and processes that encourage creative thinking.
Enter the Chief Analytics Officer, whose job is to lead data analytics strategy, drive data-related business changes and transform their organization into one truly driven by analytics.
This is critical because we live in an “algorithm economy,” where only two factors matter: the data sets you work with, and what you do them.