(US and Canada) Randy Bean, Founder/CEO of NewVantage Partners, speaks with Nollie Maoto, Executive Head of Business Intelligence, Analytics, Planning and Monitoring, FNB South Africa, about data-driven journeys, ethical data use, the future of data professionals, and a key takeaway from his book “Fail Fast, Learn Faster: Lessons in Data-Driven Leadership in an Age of Disruption, Big Data and AI.”

Bean says that becoming data-driven is a continuous process that plays out over many years, if not decades. Organizations must continue to adapt, evolve and grow as new data sources and capabilities become available. 

Why is ethical data use necessary? Bean says organizations have failed to be mindful of the issue and need to devote more time and energy to thinking about the obligations of data responsibility.

Bean notes a recent survey that asked companies if they had developed data ethics policies and standards. Less than 40% said yes, and roughly 60% said they had not developed meaningful policies and practices. Similarly, 80% of the executives said that their industries could be doing more regarding data ethics and responsibility.

Companies’ intentions to leverage data and make more insightful and informed business decisions have remained the same, but what has changed is the improved access to high volumes of data available for faster processing, Bean continues.

Data professionals’ futures are promising because of the increasing use of data to make more informed decisions. He maintains, however, that professionals also need to study other fields, such as humanities, English history, philosophy, etc., to gain a balanced perspective.

Sharing key takeaways from his book, Bean highlights the perspective that transformation is a journey and a process where organizations have tried various things and failed. But the ideal objective for other organizations is to learn and avoid repeating past mistakes, creating a better world with a sound basis for decision making.