CMI-KPMG tackles big data, as part of its knowledge sharing initiative

Friday, 20 June 2014 00:00 - - {{hitsCtrl.values.hits}}

The Chartered Management Institute (CMI) along with its exclusive knowledge partner, KPMG in Sri Lanka, recently held a presentation and panel discussion on Data and Analytics themed ‘Go Beyond the Data: Make better business decisions by championing Data Analytics’. Presenting at the event was subject matter specialist Amit Mathur, Associate Director, Data & Analytics for KPMG in India. Commencing the proceedings, Mathur presented how data analytics is taking a key role in resolving business challenges. He stated: “Today’s organisations are not just looking for data precision, they also want data relevance. In order to succeed, businesses today are challenged with having the right answers to complex

questions. The ability to make more informed choices with confidence, to anticipate and shape business outcomes, provides organisations with the kind of edge they need to succeed.” He explained the importance of good data and information across the business operating model which places a huge premium on the ability to collect, aggregate and analyse data to create a single view of the truth. Mathur counts for over twelve years of data analytics experience, working with major corporations in India. The presentation was followed by a panel discussion, moderated by Reyaz Mihular, Managing Partner for KPMG in Sri Lanka. The eminent panel included top industry experts such as Aslam Omar, Director, Brandix Lanka Ltd., Unilever Sri Lanka National Finance Director Thalib Caffoor, Chief Information Officer, Hayleys Group and Sector Managing Director Hayleys Finance & Accounting Shared Services Division Ajith Dandeniya and Jagath Perera, Partner, Head of Risk Consulting, KPMG in Sri Lanka. The discussion was centered on the value of data and information management, the contribution of Chief Information Officers (CIO) and the growing role they play in a data driven economy, the importance of high-quality data for better decision making and increasing stakeholder value and having the right expertise that can use that technology to create actionable insights. Setting the platform for discussion, Reyaz Mihular stated: “Businesses today require every edge to succeed and high quality data is an essential element, and the role of data and information is now integral across businesses, from backoffice to marketing and sales, and from risk management to meeting stakeholder and regulator expectations.”

Data, analytics and technology: Core strategic enablers The panellists unanimously agreed that technology, data and information management have been a core part for many years. They have just become more important still. The boards and executive management need to ensure they are accorded the same priority as any other critical success factor. Success in our data driven economy is as much about learning and using what you don’t know as it is about acting on what you do know. Businesses need the clarity that comes from an organizational capability to leverage data in many forms, from many places, through many methods and for a variety of purposes – all at the right time and in the right situation.

Data and the CIO under the microscope Mastering the massive increase in data flow and extracting the greatest value from it, is fundamental to organisational health and success. It is hard to think of a time when the role of the CIO has been more important to the current and future health of an organisation. Commenting on contribution of the CIOs, Aslam Omar stated: “The role of the CIO in helping navigate a path through this complexity is now fundamental to institutional health and integrity. The contribution of the CIO and his or her team is increasingly crucial to help define an institution’s core strategy against this rapidly developing background and guide investment decision-making on the basis of a clear view of risk and reward.”

The capability to cut through complexity Information technology is posing other challenges and presenting other opportunities. Managing and taking best advantage of this new data environment requires new approaches to systems, processes and governance. The new technologies are the way of the future and if properly developed, promise major improvements in internal efficiency, external reporting and, perhaps most significantly, customer relations and customer propositions. Jagath Perera stated: “To help clients gain that clarity, we use our industry understanding to identify the right data and apply the right analytics to give organizations actionable insights. Such an approach is the essence of the effective management of data and analytics and the reason D&A is now at the top of the business agenda.” CMI and KPMG hope to continue their partnership on similar knowledge sharing initiatives, bringing together industry professionals to share their expertise on topics that are of relevance to the Sri Lankan business environment.