Improving data-driven decision making through data democracy : Case study of a Swedish bank

Abstract: Nowadays, becoming data-driven is the vision of almost all organizations. However, achieving this vision is not as easy as it may look like and there are many factors that affect, enable, support and sustain the data-driven ecosystem in an organization. Among these factors, this study focuses on data democracy which can be defined as the intra-organizational open data that aims to empower the employees getting faster and easier access to data in order to benefit from the business insight they need without the interfere of external help.  In the existing literature, while the importance of becoming data-driven has been widely discussed, when it comes to data democracy within organizations, there is a noticeable gap. As a result, this master’s thesis aims to justify the importance and role of the data democracy in becoming a data-driven organization, focusing on the case of a Swedish bank. Additionally, it intends to provide extra investigation on the role of data analytics tools in achieving data democracy.  The results of the study show that there is a strong connection between the benefits of the empowering different actors of the organization with the needed data knowledge, and the speeding up of the data-driven transformation journey. Based on the study, shared data and the availability of data to a larger number of stakeholders inside an organization result into a better understanding of different aspects of the problems, simplify the data-driven decision making and make the organization more data-driven. In the process of becoming data-driven, the organizations should provide the analytics tools not only to the data specialists but even to the non-data technical people. And by offering the needed support, training and collaboration possibilities between the two groups of employees (data specialists and non-data specialists), it should be attempted to enable the second group to extract the insight from the data, independently from the help of the data scientists.  An organization can succeed in the path of becoming data-driven when they invest on the reusable capabilities of its employees, by discovering the data science skills across various departments and turning their domain experts into citizen data scientists of the organization.