14 - Optimizing Flashcards
What is a data-driven culture?
A culture that creates organizational change driven by data.
What is disintermediation?
A reduction in the use of intermediaries between the origination and execution of a job by automating and reorganizing the data process.
Who is Raman Roy?
A pioneer of Business Process Outsourcing (BPO) in India, known for leading American Express’s outsourcing efforts.
What does the term ‘Pragati’ mean?
Continuous improvement.
What was the main goal of offshoring according to PwC in 2005?
To realize process improvements and enhance efficiencies.
What is the initial approach of Wipro’s Pragati methodology?
To document the client’s processes in detail and replicate them precisely.
What is the fallacy of composition?
Doing a lot of small components of a task really well does not mean we are optimizing the overall task.
What is the importance of measuring outcomes in optimization?
To agree on what the measure of improvement will be and ensure alignment with business outcomes.
What are silos in the context of data optimization?
Data that exists in separate areas of the business, making it difficult to access and combine.
What is straight-through processing (STP)?
A business process in which data is acquired and used to trigger actions without human intervention.
What can be a consequence of optimizing a process?
It may change the nature of a job and potentially lead to redundancy.
Why is buy-in from managers important in optimization?
To redesign workflows and ensure access to process details.
What is a potential challenge when automating processes?
Not all processes can be automated; some require human judgment.
What is the role of the data team in process optimization?
To redesign processes and communicate effectively with stakeholders.
What is the tipping point in the context of data-driven transformation?
A stage where the transformation generates its own momentum.
What should be considered when acquiring data?
Understanding what data is needed and ensuring it is captured effectively.
Fill in the blank: Optimization requires a clear _______.
[business case].
True or False: Optimization always leads to improved efficiency.
False.
What is the expected outcome of successful optimization?
Increased market share, satisfied customers, reduced costs, and waste.
What is the relationship between data quality and process optimization?
Improved data quality can lead to better process outcomes.
What does it mean to handle conflict in optimization efforts?
Addressing resistance from employees and stakeholders affected by the changes.
What is a key characteristic of successful Chief Data Officers (CDOs)?
They have the support of the CEO, COO, and CFO.
What might happen to employees involved in processes that are optimized?
Their roles may change significantly or become redundant.
What is a key factor for successful Chief Data Officers (CDOs) in gaining support?
Having many friends in the organization, including the CEO, COO, and CFO.
This support helps in funding future projects and carrying a vision for a data-driven organization.
