Carnegie on data, analytics & Sputnik

Data and analytics have brought forward the ‘Sputnik moment’ – the moment of realisation fundamental change is required – for many businesses, according to Maile Carnegie. Although for some industries it’s already too late.

Speaking at an ANZ Conversations That Matter Tech event in Hong Kong, the bank’s Group Executive, Digital Banking said some companies had left it so late they no longer possess the financial flexibility to do anything meaningful about it.

“When I look at data and analytics, it feels like there is such diverse CEO, board and senior-level [understanding] of it,” she said.

"The whole big data conversation is one of the most overhyped but also the most underestimated things going to happen in our generation of business leaders.”

“In my previous role [as head of Google Australia and New Zealand] I would sit in boardrooms and it was shocking to me how long it took some of these companies to have their Sputnik moment. That moment when they finally realise they’re actually facing an existential threat and that they have to do something dramatically different.”

“It took them quite a long time to get to the root of what they needed to change which got back to capabilities and culture – and at the root of that is data and analytics.”

Carnegie said the enterprise value associated with data and analytics was one of the most enduring areas a company can invest to get a competitive advantage.

“For me, the whole big data conversation is probably in my mind one of the most overhyped in some areas,” she said. “But also probably one of the most underestimated things that going to happen in our generation of business leaders.”

When she first joined the banking sector, Carnegie said one of her first concerns was whether the industry had the time to drive the change the industry needs.

“I think we do,” she said. “I wouldn’t have joined if I didn’t – but there are many people sitting in industries that are going to face the precipice – and you need to make that change.”

For most sectors, some parts of the transition are straightforward, the “faster, easier, cheaper” application of data and analytics, Carnegie says.

“What actually takes more time is actually understanding the massive disaggregation and reaggregation it’s going to cause across whatever industry they are in.”

She also touched on China’s changing approach to data and analytics, data disruption in the payments sector and what industry leaders are doing in their approach. Listen to the podcast above to find out more.

Andrew Cornell is managing editor at bluenotes

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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