Top-down leadership for data: Seven ways to get started
MIT Sloan Management Review
Data may well represent your best chance to grow your business and distance yourself from your competitors, but getting even a fraction of the value data has to offer is tough. It’s no surprise that unlocking this potential requires strong stewardship from senior leadership.
Executives can use the seven ideas in this article as entry points to initiate successful data strategies by focusing on data quality, building organisational capabilities, and putting data to work in new ways.
Using AI to achieve ESG goals
London School of Economics
90% of investors globally already have in place, or have plans to develop, specific ESG investment policies. To guide the selection of such investments, a number of ESG-based rating and index services including MSCI, Bloomberg and Sustainalytics have proliferated in recent years.
AI technology is a potential game-changer that allows for the speedy collection and handling of information. Algorithm-driven systems can easily crawl and scrape unstructured company data from a range of sources, and subsequently parse and convert this into usable structured data. This, in turn, allows for a curated output that is valuable for all parties involved.
Investors can hence better comply with ESG requirements and make more informed decisions by incorporating ESG data into their investment strategies, for example by implementing negative/positive screening.
Indirect procurement: Insource? Outsource? Or both?
McKinsey & Company
Some companies have found that the most effective way to optimise indirect procurement is not simply outsourcing it, but instead transforming the procurement function into a strategic, value-generating arm of the organisation.
Such a transformation requires introducing rigorous management practices, changing deep-rooted mind-sets and behaviours, and building new, next-generation capabilities in areas such as digital procurement.
Done correctly, it can yield an initial cost reduction of 15% which translates to a bottom-line improvement of 1.5%.