Building a Data-Driven Culture: Lessons from Gulf Bank Kuwait
In today’s data-driven era, organizations that prioritize data and analytics are more likely to be successful, competitive, and agile. Adopting a culture that values data can be challenging, however, especially when existing processes and behaviors resist change. One practical example of how this can be done is the new data program at Kuwait’s Gulf Bank, which successfully implemented data-driven decisions from the ground up in just two years. In this article, we will discuss the lessons learned from their journey.
Starting from Day One:
To build a data-driven culture, you must start building it from day one, even if you are not expected to. Leaders must communicate the importance of data in decision-making, and how each decision can impact the organization’s performance. They must also put a plan in place, with clear roles and responsibilities, and communicate this plan effectively. The Gulf Bank started by involving its employees in multiple brainstorming sessions. They asked employees to contribute their ideas, challenges, and concerns, and then incorporated these into their program.
Get Everyone Involved:
Changing a culture requires the participation of all stakeholders. Everyone, from top management to entry-level employees, should understand the value of data and its impact on the organization’s success. People will be more likely to embrace a new culture when they see that their opinions matter and their feedback is implemented. Gulf Bank made every employee responsible for data quality, and they provided training in data management, data analytics, and other data-related subjects to everyone in the organization. They made sure to appoint champions or ambassadors for data across different departments, who were responsible for connecting with their respective employees.
Data Quality as a Starting Point:
To use data effectively, data quality should be given strong consideration as a starting point. Often, data quality is taken for granted, and it is assumed that data is accurate, complete, and consistent. Poor data quality can compromise the effectiveness of data-driven decisions, leading to suboptimal results. The Gulf Bank made sure that all data was validated, cleansed, and enriched before it was used, and created a data governance framework that included clear policies, guidelines, and procedures. This helped the bank minimize data errors, resulting in better data-driven decisions.
Courage and Persistence:
Building a data-driven culture is not an easy task, and it requires courage and persistence. People may resist change, and there may be skepticism from those who are not familiar with data and analytics. Leaders need to be resilient and true to their vision, and they must focus on constant improvement. The Gulf Bank faced resistance, especially in its early stages, but it persisted with a data-driven approach and proved its effectiveness with tangible results. They used data to track customer satisfaction, optimize marketing campaigns, and reduce operational costs.
Building a data-driven culture is vital for organizations that want to stay competitive and agile. To achieve this, organizations must start building this culture from day one, get everyone involved, pay attention to data quality, and be persistent and courageous in pursuing their vision. The lessons from Gulf Bank demonstrate that building a data-driven culture is a process, not an event, and that it is a long-term investment. By embracing data and analytics, organizations can gain valuable insights into their performance and make informed decisions that can shape their future success.