Hub & Spoken.

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In this episode, Jason talks to Ben Steele, Head of Data and Analytics at BMS Group, a major insurance brokerage. Together they discuss the importance of predicting value and the role alignment has in being able to create transformational change in a business.

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One big message

Delivering value is what earns the right to invest in new projects and continue to grow and evolve, so it’s essential to take the time to get it right and provide clear value as soon as possible.

01:45 Ben’s background in data and 25 years in the financial industry

03:40 How to identify value

08:44 What is needed to be in place to be able to deliver a high level of value

14:30 The environment you need to breed value 

20:05 Executing change at pace and what happens when a proof of concept fails

26:24 Why shortcuts slow down the delivery of value

30:56 Predicting value vs. tracking and reiterating the value over time

Getting everyone on board 

Delivering value in a large organisation can be a complex and challenging task, but it all starts with alignment. Without alignment, it can be difficult to ensure that everyone is moving forward in the same direction, working towards a common goal.

One of the key aspects of alignment is having a clear vision, or a “north star” that everyone can work towards. This helps to ensure that everyone is aligned behind the overall goals and objectives of the organisation, rather than just focused on the logistics of the project. By having a clear and shared vision, everyone can work together towards a common goal, and be more effective in delivering value.

Another important aspect of alignment is understanding an organisation’s ability to change. In order to be successful, an organisation needs to have a culture where change is okay, and where people are comfortable with adapting to new ways of working. This can be a challenge in larger organisations, where there are often many different groups and departments involved. However, by fostering a culture of change and collaboration, organisations can become more agile and better equipped to respond to new challenges and opportunities

Value and ‘impact’ 

Value and impact are closely related concepts, as value often encapsulates the impact that a data project can have. In order to fully understand the value of a data project, it is important to consider the following three main pillars:

Major transformation: The first pillar of value and impact is the ability of a data project to drive major transformation. This could involve disrupting existing industries, introducing new business models, or creating entirely new opportunities for growth and expansion. In order to achieve this level of impact, the data project must be strategic and visionary, with a clear focus on driving large-scale change.

Smaller effort, with outsized results: The second pillar of value and impact is the ability to achieve outsized results with smaller efforts. This means leveraging data and technology to drive more efficient and effective outcomes, while reducing the time and resources required to do so. This can be achieved through the use of advanced analytics, machine learning algorithms, and other advanced technologies that help to streamline processes and drive greater outcomes with less effort.

The role of a leader and how they enable results: The third pillar of value and impact is the role that a leader plays in enabling results. A leader can have a major impact on the success of a data project, by providing direction, guidance, and support to the team. They can help to build a culture that supports innovation and collaboration, and can help to overcome any obstacles that arise along the way. A strong leader can help to bring a data project to life and ensure that its full potential is realised.

Delivering value at pace

In today’s fast-paced business environment, delivering value quickly is essential to success. The ability to prove hypotheses within weeks, or even days, can mean the difference between success and failure. But how do you go about delivering value at pace, while still following the processes and best practices that are essential for success?

One of the biggest challenges in delivering value at pace is the need for speed. You need the resources to be able to scale fast, and you need to be able to execute quickly and efficiently. This means having a clear understanding of the goals and objectives of the project, and having the right team in place to execute effectively.

However, it’s also important to remember that there are still the same challenges and processes that need to be followed, regardless of how quickly you are moving. This means that you need to be careful not to overcomplicate what execution should look like, and to avoid cutting corners in order to move faster.

One common mistake that organisations make is to skimp on testing in order to try and pump out a product faster. While this may seem like a good idea in the short term, it can lead to problems in the long run. Products that are released without proper testing may not demonstrate value in the long term, and may not be able to scale effectively.

Ultimately, the key to delivering value at pace is to find the right balance between speed and process. You need to be able to move quickly and efficiently, while still following the best practices and processes that are essential for success. By doing so, you can ensure that you are delivering value that is both high quality and sustainable over time.

Predicting the value of a data project vs. finding value through iterations

Predicting the value of a data project is a common approach used to determine the potential benefits and impact of a project before it is fully executed. This process involves using various methods such as data analysis, market research, and expert opinions to estimate the potential outcomes of the project. However, predicting the value of a data project can only provide a rough estimate and may not fully capture the potential value that can be gained.

On the other hand, finding value through iterations involves exploring and discovering the potential value of a data project in a more hands-on and dynamic way. This approach involves iteratively building and testing the project, gathering feedback and data along the way, and adjusting the project as needed to maximise its value. By taking this approach, the true potential of the project can be uncovered and leveraged to drive greater outcomes.

One key benefit of finding value through iterations is that it allows for a more in-depth understanding of the data and the project as it evolves. As the layers of the project are peeled back and explored in more detail, the true potential of the project can become increasingly compelling and provide a more accurate picture of its value. This approach can lead to more successful outcomes and greater impact, compared to simply predicting the value of the project in the early stages.

Conclusion

Alignment is a critical component in delivering value in a large organisation. A clear vision, an understanding of the organisation’s ability to change, and alignment around the priorities of different stakeholders are all key factors that can help to ensure that everyone is working together towards a common goal. By focusing on these elements, organisations can become more agile, better equipped to respond to new challenges and opportunities, and ultimately deliver more value to their stakeholders.