Winning Executive Buy-In for FinServ Data Governance Initiatives - with Bill Waid of FICO
Oct 23, 2023
auto_awesome
Bill Waid, Chief Product and Technology Officer at FICO, talks about winning executive buy-in for data governance projects, connecting functions for effective data governance, the importance of data infrastructure, and the challenges of secrecy in financial services data governance.
Transparency and evidence are crucial in winning executive buy-in for data governance projects, as the business needs to have confidence in the benefits that AI and machine learning models will bring.
Decision management prioritizes people and processes before considering the technology aspect of AI adoption, enabling businesses to retain control while leveraging the processing power of machines.
Deep dives
Challenges in Winning Executive Buy-in for Data Governance Projects
The biggest challenge in data governance projects is obtaining executive buy-in and linking the investment in infrastructure and people to measurable outcomes. The need to leverage data and apply AI technology is generally understood, but the hesitation lies in ensuring a clear connection between the effort and the expected results. Transparency and evidence are crucial in winning executive buy-in, as the business needs to have confidence in the benefits that AI and machine learning models will bring. Providing connectivity between the models, the data, and the business outcomes is essential in building this trust.
Communicating Return on Investment in Data Governance
When communicating return on investment for data governance projects, it's important to go beyond hard dollar signs and demonstrate how the investments will lead to business capabilities and improved outcomes. Transparency and evidence play a significant role in building confidence, especially in cases where new models or analytics are being introduced. Providing clear connectivity between data insights and business outcomes helps management understand the potential impact. To ensure success, all functions of an organization, including data scientists, data engineers, and business marketers, need to collaborate and measure the actual benefits of AI and machine learning implementations.
The Role of Decision Management in AI Adoption
Decision management is a discipline that focuses on bringing together human judgment and AI automation to make informed decisions in a transparent and controlled manner. The process of decision management involves enabling businesses to retain control while leveraging the processing power of machines. By integrating data, analytics, and business strategies, decision management ensures that decisions align with core business goals and can be measured for their impact. It offers businesses the ability to simulate and make informed changes based on past performance, maintaining transparency and providing explanations for discrepancies. Decision management prioritizes people and processes before considering the technology aspect of AI adoption.
Today’s guest is Bill Waid, Chief Product and Technology Officer at FICO. Bill has been with FICO for over 20 years, developing Decision Management systems. Prior to his time at FICO, Bill worked for different software platforms in sales and systems engineering. He returns to the program today to talk about the challenges in winning executive buy-in for data governance projects, how this can help finserv teams level up the infrastructure necessary for transformative AI use cases and the role decision management plays throughout the process.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode