Fail Fast, Learn Faster

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Randy Bean. Fail Fast, Learn Faster

Table of Contents

List of Tables

Guide

Pages

Praise for Fail Fast, Learn Faster

Fail Fast, Learn Faster. Lessons in Data-Driven Leadership in an Age of Disruption, Big Data, and AI

FOREWORD

PREFACE

INTRODUCTION: FAIL FAST, LEARN FASTER

Notes

1 A Little History of Big Data

The Big Data Value Proposition

The Implications of Big Data for Large Companies

The Transformational Impact of Big Data

The Business Value of Big Data

Notes

2 Think Different: Becoming Data-Driven

The Disruptive Power of Data

The Challenge for Legacy Companies

The Distinctive Characteristics of Data

Building a Modern Data Environment at Fannie Mae

Thinking Different in the Life Sciences: Creating a Platform for Real-World Evidence

Building a Unified Data Platform at Anheuser-Busch (AB Inbev)

Using Data to Address Natural Calamities at Munich Re

Notes

3 Insight and Knowledge: Data, Science, and Facts

Data Initiatives Successes and Failures

Organizing for Data-Driven Analysis at Cigna

Using Data for Clinical Trails: Driving a COVID-19 Cure at Parexel

Building a World-Class Genetics Center at Regeneron

Using Data to Reduce Healthcare Costs at the Health Transformation Alliance

Notes

4 The State of Data in the Corporate World Today

The 2021 Big Data and AI Executive Survey Findings

A Summary of the Key Themes

Data Investment Is Strong and Growing

Companies Struggle to Become Data-Driven

Cultural Obstacles Continue to Be the Greatest Impediment to Success

The Chief Data Officer Role Continues to Evolve

Companies Are Optimistic About the Future

For Mainstream Companies, the Journey Continues

Note

5 The Great Challenge: Establishing a Data Culture

Fighting an Uphill Battle

Understanding the Cultural Impediments

How Companies Can Overcome Cultural Obstacles

From Data-Rich to Data-Driven: Building Data Literacy at AmFam

Cultural Transformation: Building a Data Culture Program at Travelers Insurance

Creating an Enterprise Data Office at Nationwide Insurance

Integrating the Human and Technology Dimensions of Data at Northern Trust

Notes

6 The Rise of the Chief Data Officer

Sexiest Job of the Twenty-First Century

Emergence of the Chief Data Officer

Rethinking the Role of Chief Data Officer

Chief Data Officers Struggle to Make an Impact

The Evolution of the Chief Data Officer Role

The Future of the Chief Data Officer Role

Shaping the Role of the CDO: MIT's Chief Data Officer Symposium

Organizing the Chief Data Officer Function at Citizens Financial Group

Chief Data Officer 4.0: Evolution of the Function at Scotia Bank

Emphasizing Data Privacy and Data Ethics at Mastercard

The U.S. Federal Government CDO Initiative

Notes

7 Data Responsibility: A Word on Data Ethics

Weapons of Math Destruction?

Big Data for Social Good Initiatives

The Emergence of Data Ethics

Data for Social Good: Bloomberg's Data for Good Exchange

Doing Good and Doing Well: Mastercard's Center for Inclusive Growth

Data-Driven Responsible Investing at TIAA/Nuveen

Notes

8 Data, Innovation, and Disruption

The Ways Big Data Drives Disruption

Alternative Visions of Data-Driven Disruption

Data Disruption Through FinTech

Allstate's Data-Driven Innovation Initiatives

Another Perspective on Disruption and Change

The Limitations of Data-Driven Disruption

Notes

9 A Glimpse of the Future: Data-Driven AI

Understanding Machine Learning Versus AI

Delivering Business Value from AI

The Capital One Story: A Pioneer in Data-Driven Management Invests in AI

JP Morgan Stakes a Commitment on AI

The AI Transformation Initiatives of TD Bank

Charles Schwab's AI Transformation Commitment

Notes

10 BecomingData-Driven: One Company's Odyssey

The Foundation of Data-Driven Transformation

The Ten Commandments of Data-Driven Business Transformation

One Company's Odyssey: The Data-Driven Journey of American Express

Notes

CONCLUSION: A DATA-DRIVEN JOURNEY

Notes

ACKNOWLEDGMENTS

ABOUT THE AUTHOR

INDEX

WILEY END USER LICENSE AGREEMENT

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Big Data is indeed crossing the chasm that separates early adopters from the mainstream of enterprise customers. As Randy Bean makes abundantly clear in Fail Fast, Learn Faster, this crossing is by no means smooth. Through a wonderful hoard of business anecdotes, he shows over and over again that the challenge of becoming a data-driven business has little to do with the Big Data itself, and is only marginally about mastering the technology needed to harness it. Rather, it is primarily about leadership teams finding forcing functions that can drive massive change in the roles, processes, and systems that make up their enterprise. For some the forcing function will be regulatory demands, for others a global market demanding draconian cost reductions, for others an emerging competitive threat from digital disrupters, and for still others, a mission to solve customer problems that cannot be addressed by conventional means. As a reader of Randy's book, it is your job to determine the forcing function that will drive change through your organization and to draw upon his wealth of examples to navigate your way forward.

—Geoffrey Moore, author of Crossing the Chasm and Zone to Win

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In Fail Fast, Learn Faster, Randy Bean brings to life the rise of the chief data officer and the importance of data management in today's economy. The CDO has gone from humble beginnings to a dominant C-suite executive. Randy chronicles this journey in a way that the importance of this role is easy to understand and necessary to appreciate.

—John Bottega, president, EDM Council; former chief data officer, CitiGroup, Bank of America, Federal Reserve Bank of New York

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