When it comes to data, what does it mean to have a product-oriented approach and how can that bring value to an organization?
Those are topics that Manav Misra, Chief Data and Analytics Officer at Regions, tackled in a recent Experiencing Data podcast with Brian O’Neill.
Misra, who has built his career in data and analytics, has seen the field evolve from a researching and modeling approach to product orientation.
“You know, it was more of a research-y approach to things,” said Misra. “But, as things matured, it was really important to figure out how do you actually get these models to make a difference?”
“And then you had to start thinking about who’s going to be using the outcomes of these. Do they understand what the impacts are? How do we get them to adopt these? How do we get them to use it on a regular basis, on a daily basis? And all of those concerns, therefore, led to this idea of product orientation and user-centered design.”
He goes on to explain what it means to have product orientation and what a data product is.
“The way we define a data product is this: an end-to-end software solution to a problem that the business has. It leverages data and advanced analytics heavily in order to deliver that solution.”
At Regions, Misra and teams have created a wide variety of data products that serve various purposes at the bank –from identifying and stopping fraud to offering insights to help improve relationships between wealth advisors and clients.
These products have made Regions more efficient while also improving the customer and associate experience.
To learn more about how these data products are developed and improved as well as how Misra has created and sustained a data culture within his team at Regions, listen to the full podcast on the Designing for Analytics website.
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