We recently completed a study titled “Big data – the truth in professional services” as part of our focus on capturing what really drives results (rather than what is “hyped”).
We found that big data may now be a cliché BUT effective data management to aid better decision making by a firm, and the provision of better value to clients, is unequivocally important. Also interesting is the sheer variety in approaches being taken by different firms, partly based on very different starting points and objectives.
However, any firm that generates high value for the firm and/or clients from its data management efforts performs these 4 “SECT” aspects effectively:
- Strategic vision, programme management, sponsorship and accountability
- Effective education and engagement
- Clearly defined data needs, referenced to clients and the marketplace
- The right choices about data items, processes and people
How does your firm do?