A: Bridging the gap between data teams and non-technical stakeholders should be a multi-way effort. From the technical side, data analysts first have to be aware of business needs and then adopt communication best practices. Insights should be delivered in the plain language of stakeholders, eliminating technical jargon and providing business context. Data storytelling techniques should be leveraged to ensure communication is engaging and persuasive.From the side of stakeholders, having a high level of data literacy is key to avoiding communication gaps and insight misinterpretations that can lead to distorted decision-making.Moreover, as hierarchical organizational gaps widen in larger businesses, having mediator roles can also be beneficial. These roles can be performed by experienced business analysts or specialized positions like data translators. Making room at the management tables for data-experienced managers and chief officers will bridge the gap more easily.From a big-picture perspective, developing a wider data culture environment within an organization can eliminate such gaps on different levels. Business data maturity can only be achieved if business objectives are aligned with and then enabled by data uses, which highlights the importance of crafting a data strategy in alignment with the overall business strategy.
About the expert:Islam SalahuddinData Analyst,The KPI Institute
A data analyst with a strong focus on storytelling and data visualization, growing statistical knowledge and a developing set of technical skills and tools
As a specialist in data analysis at The KPI Institute, Islam leads the generation of research on the domain of data analytics and the development of business analytics toolkits
A former research analyst at Frontier MEA Ltd, in charge of data gathering and introducing data analysis pieces
Worked as a junior data analyst at InfoTimes, performing data scraping, analysis, and data visualization and producing data-driven pieces in both Arabic and English
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This feature was first published in the Ask Our Experts section of Performance Magazine Issue No. 26, 2023—Data Analytics Edition. To download the free digital copy, visit the TKI Marketplace. You can also purchase an additional printed copy via Amazon.
The Public Investment Fund (PIF) has proudly attained the highest accreditation for excellence in strategy and performance management, awarded by the Global Performance Audit Unit (GPA Unit), a division of The KPI Institute. This esteemed Level 5: Optimized recognition is the result of a thorough evaluation of PIF’s strategy and performance management system.
A Mark of Distinction
“This distinguished accolade underscores PIF’s unwavering dedication to strategic excellence, performance measurement, and continuous improvement,” remarked Adrian Brudan, General Manager of the GPA Unit and Vice President of The KPI Institute. “Our commitment to unlocking organizational potential through rigorous research, expert insights, and cutting-edge solutions remains steadfast.”
Key Areas of Excellence
The accreditation highlights PIF’s outstanding performance in three pivotal areas:
Strategic Planning: Crafting a comprehensive and cohesive strategic framework that ensures alignment between organizational goals and operational activities.
Performance Measurement: Deploying precise and thorough Key Performance Indicators (KPIs) that promote informed decision-making and accountability.
Performance Improvement: Continuously refining processes and practices to achieve superior results and foster a culture of ongoing excellence.
The assessment, conducted by the GPA Unit, utilized their PMS Maturity Model framework, which included an in-depth analysis of over 300 statements reflecting industry best practices. This robust methodology measures the complexity and efficiency of organizational capabilities in the realm of strategy and performance management.
A Global Investment Leader
PIF, a leading global investment entity, plays a critical role in driving Saudi Arabia’s economic development, diversification, and transformation. Known for its long-term investments aimed at maximizing sustainable returns, PIF has become the preferred partner for global investment opportunities. The fund’s stability is further validated by top-tier credit ratings: A1 with a positive outlook from Moody’s and A+ with a stable outlook from Fitch.
Partnership for Growth
PIF’s collaboration with GPA Unit is part of its ongoing effort to enhance its performance management practices. This partnership enables PIF to identify areas for growth and improvement, further solidifying its position as a pioneering sovereign wealth fund.
A Testament to Success
This achievement is a testament to PIF’s effective strategy and robust performance management system, underscoring its position as one of the most influential sovereign wealth funds worldwide. The recognition also reinforces PIF’s status as the leading brand among sovereign wealth funds globally.
Ceremonial Recognition
The milestone was celebrated during an award ceremony in Riyadh on June 6, 2024, hosted by Saad Alkroud, PIF Chief of Staff and General Secretary of the Board of Directors. The event highlighted PIF’s exceptional achievements and its ongoing journey towards strategic success.
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To learn more about the GPA Unit and its services, please visit their website at www.gpaunit.org. For any inquiries or detailed information, contact Adrian Brudan, General Manager of the GPA Unit and Vice President of The KPI Institute, at +40 721 233 084 or via email at [email protected]
Q: How can an organization create meaningful sustainability reports?
I will reply with a question: meaningful for who?
My point was to bring to your attention the importance of knowing your audience and the information they expect or need to receive. To identify what your sustainability report focuses on, one must identify the needs of the audience, and as you can assume, there will be one approach to report internally to the top management on the latest progress and a completely different perspective if the annual sustainability report must be released for external stakeholders. Moreover, there are compliance issues that must be considered since regulators, depending on your location, will require certain aspects to be captured in the reporting.
Putting aside the specific context of each organization and the local compliance issues, I find the following principles valuable for producing a quality sustainability report:
Identify the materiality issues – Identify what is the most relevant issue for your organization and consider the informational needs of the report’s users.
Ensure data accuracy – Misinterpretation of results or simple error calculation can lead to serious legal consequences, reputation damage, and loss of stakeholders or shareholders’ trust.
Focus on impact – Use specific KPIs or metrics to measure the achievements of objectives, avoid presenting only what the organization is doing, and include more data about the performance achieved and the impact created.
Provide regularity – Information should be reported on a predefined schedule (e.g., quarterly, annually).
Communicate with clarity – Use simple language, include essential information (not all data available), and use visuals that convey the data’s meaning effectively.
Center for Government Performance, The KPI Institute
Business Unit Manager of Research Programs at The KPI Institute.
Her professional experience embeds research skills with performance management consulting and practical strategy development and execution for the Research division.
In the last 10 years, Cristina contributed to the development of best practices and standards in how to use and leverage KPIs that are taught in the premium certifications of The KPI Institute worldwide and assisted large organizations in industries like oil and gas, financial sector, telecommunications, manufacturing, and utilities.
She conducts maturity assessments for performance management systems and has trained over 500 professionals over the last years getting first-hand experience with the most stringent issues organizations face.
This feature was first published in the Ask Our Experts section of Performance Magazine Issue No. 25, 2023—Sustainability Edition. It offers deep dives and practical insights into the sustainability strategy and performance management. To download the free digital copy, visit the TKI Marketplace. You can also purchase an additional printed copy via Amazon.
Big data is a major asset for businesses that can access its insights. Making this happen, though, is a complicated job that needs the right tools. Enter data enrichment.
Understanding how it works and its impact on current industries is a great way to get to know what data enrichment can do for your organization. How it benefits the use of big data will become clearer, too.
What Is Data Enrichment?
Data enrichment is the process of identifying and adding information from different datasets, open or closed, to your primary data. Sources can be anything from a third-party database to online magazines or a social network’s records.
People and organizations use data enrichment to gather legitimate intel on specific things, like a customer, product, or list of competitors. And they can start with just their names or email addresses.
As a result, the original data becomes richer in information and more useful. You can find education trends, profitable news, evidence of fraud, or just a deeper understanding of users. This helps improve your conversion rate, customer relations, cybersecurity, and more.
The most popular method of making all this a reality is specialized software. Their algorithms vary in strengths and weaknesses, as SEON’s review of data enrichment tools shows. They can target human resources, underwriting, fraud, criminal investigations, and more. However, the goal is the same: to support the way we work and give us better insights.
Data Enrichment and Big Data: What Statistics Say
Data enrichment is a good answer to the problem of big data, which often sees masses of disorganized and sometimes inaccurate information that often needs cleaning, maintenance, and coordination.
Creating a data-driven culture within organizations
Despite the benefits of smart data management and major investments already in place, only 24% of firms have become data-driven, down from 37.8%. Also, only 29.2% of transformed businesses are reaching set outcomes.
What this shows is that, yes, big data is difficult to deal with but not impossible. It takes good planning and dedication to get it right.
There are several promising big data statistics on FinancesOnline. For starters, thanks to big data, businesses have seen their profits increase by 8-10%, while some brands using IoT saved $1 trillion by 2020.
Also, the four biggest benefits of data analytics are:
Faster innovation
Greater efficiency
More effective research and development
Better products and services
These achievements are taken further with data enrichment, which adds value to a company’s datasets, not just more information to help with decision-making.
How Does Data Enrichment Help Different Industries?
The positive impact of constructively managing data is clear in existing fields that thrive because of data enrichment and other techniques. Here are some examples.
Fraud Prevention
Data enrichment helps businesses avoid falling victim to fraudsters. It does this by gathering and presenting to fraud analysts plenty of information to identify genuine people and transactions.
For example, you can build a clear picture of a potential customer or partner based on information linked to their email address and phone number. Do they have any social media profiles? Are they registered on a paid or free domain? Have they been involved in data leaks in previous years? How old are those?
It’s then easier to make informed decisions because we know much more about how legitimate a user looks.
Banking services, from J.P. Morgan to PayPal, benefit from such intensive data analytics, as do brands in the fields of ecommerce, fintech, payments, online gaming, and more.
But so do online communities, where people create profiles and interact with others. For example, fake accounts are always a problem on LinkedIn, mainly countered through careful tracking of user activity. Data enrichment can help weed out suspicious users in such communities, keeping everyone else safe.
Marketing
Data enrichment in marketing tracks people’s activities and preferences through cookies, subscription forms, and other sources. To be exact, V12’s report on data-driven marketing reveals Adobe’s survey findings regarding what data is most valuable to marketers.
48% prefer CRM data
40% real-time data from analytics
38% analytics data from integrated channels
Companies collect this data and enrich it to create a more personalized experience for customers in terms of interactions, discounts, ads, etc. Additionally, brands can produce services and products tailored to people’s tastes.
HR
The more information your human resources department has, the better it’s able to recruit and deal with staff members. Data enrichment is a great way to build strong teams and keep them happy.
Starting from the hiring stage, data enrichment can use applicants’ primary data, available on their CVs, and grab additional details from other sources. Apart from filling in any blanks, you can flag suspicious applicants for further investigation or outright rejection.
As for team management, data enrichment can give you an idea of people’s performance, strengths, weaknesses, hobbies, and more. You can then help them improve or organize an event everyone will enjoy.
Summing Up
As we saw in these examples, data enrichment already contributes to the corporate world in different ways, both subtle and grand.
With the right knowledge and tools, we can tap into this wealth of information even further, allowing it to make a real difference in how we work and what we know, rather than simply amassing amorphous and vast amounts of data.
Learn more about data enrichment by exploring our articles on data analytics.
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About the Author
Gergo Varga has been fighting online fraud since 2009 at various companies – even co-founding his own anti-fraud startup. He’s the author of the Fraud Prevention Guide for Dummies – SEON Special edition. He currently works as the Senior Content Manager / Evangelist at SEON, using his industry knowledge to keep marketing sharp and communicating between the different departments to understand what’s happening on the frontlines of fraud detection. He lives in Budapest, Hungary, and is an avid reader of philosophy and history.
Riham Mahmoud Saad is a Senior Strategy and Corporate Performance Specialist with over 15 years of experience in corporate performance management in the public sector. She holds a master’s degree in Information Systems Management from Zayed University. Moreover, she has acquired certification in KPI Professional and Practitioner and a Nanodegree in Data Analysis and Visualization from Udacity.
A: Bridging the gap between data teams and non-technical stakeholders should be a multi-way effort.
From the technical side, data analysts first have to be aware of business needs and then adopt communication best practices. Insights should be delivered in the plain language of stakeholders, eliminating technical jargon and providing business context. Data storytelling techniques should be leveraged to ensure communication is engaging and persuasive.
From the side of stakeholders, having a high level of data literacy is key to avoiding communication gaps and insight misinterpretations that can lead to distorted decision-making.
Moreover, as hierarchical organizational gaps widen in larger businesses, having mediator roles can also be beneficial. These roles can be performed by experienced business analysts or specialized positions like data translators. Making room at the management tables for data-experienced managers and chief officers will bridge the gap more easily.
From a big-picture perspective, developing a wider data culture environment within an organization can eliminate such gaps on different levels. Business data maturity can only be achieved if business objectives are aligned with and then enabled by data uses, which highlights the importance of crafting a data strategy in alignment with the overall business strategy.
About the expert:
Islam Salahuddin
Data Analyst,
The KPI Institute
Riham Mahmoud Saad is a Senior Strategy and Corporate Performance Specialist with over 15 years of experience in corporate performance management in the public sector. She holds a master’s degree in Information Systems Management from Zayed University. Moreover, she has acquired certification in KPI Professional and Practitioner and a Nanodegree in Data Analysis and Visualization from Udacity.