How should I use data?
To clarify the question “How should I use data?”, it helps to proceed systematically. When introducing data analysis in companies, we like to start with a Potential Workshop. There, we identify and evaluate all possible use cases.
There are no wrong ideas in this workshop. We record all topics and evaluate them according to potential or effort. The workshop should also be composed as interdisciplinarily as possible to cover the entire range of activities of the institute. In Use Case Workshops, we consciously focus on all of a bank’s processes. Often, we find quick wins that achieve noticeably good results with little effort far away from the front (e.g., in the operating or support processes).
An ideal first use case shows measurable results quickly and meets a specific need of various departments. An ideal first use case shows measurable results quickly and corresponds to a particular need of the respective specialist departments. Data processing and evaluation should only begin after the use case has been identified.
The example here shows how the area of “Compliance Analytics” was identified in the Use Case Workshop. Three fields of action were derived.