BMO
“ We look at impact – how every decision that we make , our strategy as a whole , has an impact within our communities ”
SANDIP SAHOTA CHIEF DATA AND ANALYTICS OFFICER , BMO
Bank , Best Digital Banking Initiative , and Outstanding Machine Learning Initiative .
“ Because of that you can see that our investments are paying off , our focus is paying off , and our customers are rating a top-notch experience in our sector , which is great to see ,” Sahota adds .
The significance of the Chief Data and Analytics Officer role In order to fully understand why the CDAO role is so important in achieving the goal of BMO , Sahota explains the journey that a company must undertake to leverage data to the fullest extent . Within this , he highlights three key stages of the adoption process from information gathering to extracting value for commercial applications .
“ The early generation is all about building a data asset that an organisation can get value from ,” says Sahota . “ Traditionally , that journey starts because someone in a horizontal type role , for example , a chief risk officer , needs consistency of information across an organisation . So there becomes a need to have someone in the seat to help drive the creation of an asset or the creation of a capability that ultimately can service their needs .
“ As we start doing that , the concept moves to generation two , which is enterprise data . We should have certain domains of data that are consistent across the organisation so we can all speak the same language . Now that we ’ ve got it in one place , how do we replicate that ? In many organisations that could be related to customers , it could revolve around how your organisation is structured , it could depend on your finances .”
80 February 2024