S4 | Ep 21 | Putting Analytics Practitioners at the Heart of Value Creation with Ranil Boteju, Group Chief Data & Analytics Officer at Lloyds Banking Group
Mar 26, 2024
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Ranil Boteju, Group Chief Data & Analytics Officer at Lloyds Banking Group, discusses the power of purpose, evolving views of value creation, future analytics skills, potential of Generative AI, fostering a data culture, building unique teams, and the existence of the CDAO role in 5 years.
Analytics practitioners are crucial for value creation in organizations through fostering a data culture.
The concept of value creation in data analytics has evolved from monetary focus to diverse metrics.
Deep dives
Evolution of Data Analytics Role in Banking
Renil Bethajou, Chief Data Analytics Officer at Lloyd's banking group, discusses his 25-year journey in data analytics, starting as a data miner. He highlights the growth in data technologies like AI and machine learning, emphasizing the role of data and analytics in transforming businesses. Renil oversees teams specializing in data science, behavioral science, visualization, data management, and data culture, contributing to Lloyd's banking group's data and machine learning strategy.
Reimagining Value in Data Analytics
Renil Bethajou reflects on the evolving concept of value in data analytics over the past decade. Initially focused on assigning monetary value to analytics outcomes, the industry has shifted towards measuring value in diverse ways based on specific activities. Organizations now evaluate value through specific metrics like test versus control for marketing campaigns, customer satisfaction in conversational banking, and automation levels in various processes.
Building a Data Culture and Ethics Framework
Renil Bethajou discusses the importance of fostering a data culture within organizations to drive successful data analytics initiatives. He highlights the role of data literacy programs and community-building initiatives in upskilling employees and promoting data-driven decision-making. Additionally, Renil outlines the establishment of an ethics team focused on embedding ethical practices in AI and data science processes at Lloyd's banking group.
Future Trends in Data Analytics
Renil Bethajou expresses excitement about the advancements in large language models and generative AI, envisioning a future where these technologies simplify and enhance work processes. He anticipates these capabilities to streamline workflows, making tasks smoother and more efficient for individuals across data and non-data roles. Renil also predicts a potential shift towards reduced debate on value as organizations mature in their data analytics journey.
In Episode 21, of Season 4, of Driven by Data: The Podcast, we're airing the live interview that took place between Kyle Winterbottom and Ranil Boteju, Group Chief Data & Analytics Officer at Lloyds Banking Group which was recorded at the end of 2023 and then transcribed into 'Exclusive Leader Feature' article in the first edition of the Driven by Data Magazine, where they discuss how analytics practitioners are at the heart of value creation at LBG, which includes;
The power of purpose
Evolving views of value creation
The future of analytics skills & value creation
The potential and pitfalls of Generative AI
Fostering a data culture
Building an intentionally different team
Whether the CDAO role will exist in 5 years
**Read the magazine here; https://orbitiongroup.com/driven-by-data-magazine-home/
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