In today’s data-centric world, multiple organizations are looking to meet the business requirement for implementing analytics and leveraging data modernization. Traditional-driven companies are adopting new techniques and support from third parties in leveraging their data journey. They are building a modern data structure enabling them to extract results in receiving a single flow of data, data authenticity, security, and management with first-hand analysis.
In an exclusive interview with ETCIO, Francis Rodrigues, Head (SVP) – Data Labs, Business Insights, Innovation of HDFC Life, spoke about their implementation of analytics and data modernization with a cost-friendly and flexible approach.
HDFC Life adopted the Qlik services in 2010 to address the various challenges that hindered the extraction of the best data outcomes. Speaking on this, Rodrigues says the difficulty was not having a data warehouse and data from the single source of truth which made the company realized the need for this association.
“We needed to assimilate data from a diverse set of sources, including policy and systems. We wanted to ensure that this information and reporting KPI a service to business runs like a single source of truth. It is accurate, timely and, can rely on across the organization. For which we move into better data modernization. We went about also looking at how to introduce a turnaround time,” Rodrigues said.
Selecting a right partner
A new data source of new applications was created, which reduced the turnaround time by integrating it into the existing data sources, Rodrigues adds. In selecting Qlik for the deployment as a partner, he pinpoints the benefits of an easy-to-use system and minimal training in-house requirements as a pivotal factor.
“Sometimes you want to have both push-pull in any way of providing data for certain business users we need to push data. At the same time, you want this particular data using natural language and, that’s basically where the Qlik insights come into play,” he added.
Acquiring the budget-friendly deployment with no further heavy investment with the help of Qlik, HDFC life was able to deploy this project by solely purchasing a dedicated infrastructure for their on-prem implementation and completed the project with a moderated spending.
Roadmap and Planning
Embarked on the successful journey with data analytics and modernization, Rodrigues highlighted the crucial analysis factors required before implementing analytics and data automation solutions for any project in three parameters.
Robust in requirement gathering stage- He says it is significant to reach out to the various business users with data expertise and convey to the employees regarding data metrics, data points, and measurement requirements and the ways data will be beneficial to their working.
“Followed by that, in case you have data sources which do not expose it, we have to figure out how to do anything to get these new data sources on board and get the data at the right point at the time that you want to measure it, I think that’s the second piece that you need to look at,” he adds.
Stating on the third piece, he mentions the dashboard development and the data representation to be intrusive with the correct duration for the data/ business insider teams. “Along with making the employees sees the data in the same view, it is equally vital to have a change management cycle, which monitors data accuracy from time to time,” he averred.
By making the data understandable by each individual, he believes it overcomes the challenge of reliability and makes the organization move towards self-service in the increasing data democratization.
Adding on the advantages, Rodrigues believes the technology to be faster and flexible for deploying analytical solutions such as the Qlik dashboard, which allows the on-time data changes and enables the process to work on any other premises.
“In our organization, the production team, the marketing team, and, to some extent distribution, program management team also do and work with data very closely, rather than change request format or a back and forth between the team, the best ways for them to kind of interact with the dashboard make their pivots drag and drop their way. I think that’s something that Qlik sensors,” he pointed out. The company is also taking the Qlik outside the organization and with the Qlik analytical engine powered the web integration portals and make the data effortlessly available across the channels.
Mentioning the upcoming IT spending, the company is working on the data projects focusing on data gathering and strengthening the data validation. At the same time, the company is working on the new techs in AI/ML, such as building engines for both sales teams and customers, and has embarked on the voice buying system with several apps in production.
With the shift in working models, Rodrigues asserts that IT spending in the current scenario will be based on a diversified spectrum, including core and semi- core areas.