Technology is fast changing how businesses like ours operate, and the gathering, mining, and analysis of data have a significant impact on our processes and subsequently in the lives of our members.
As we continue to celebrate Women throughout the month of March, today, we would like to shed more light on a very integral part of our business and the notable contributions of two women on our Data team, who are braving the odds to ensure optimum data integrity for the seamless running of our business operations.
With our major focus on the informal sector, trust in the scheme is to a large extent linked to the reliability of our data as this information is required to inform our decisions from product design through to drawing strategies for member engagement and communication.
As the company grows, our data systems have also gone through various developments all geared towards superior data integrity. Though a continuous and tiring process, consolidating our data units also gives us the opportunity to ‘clean up' our system and also deepen our knowledge of the people we serve. Data Analysis gives us insights into the contributions of our members and how other factors like gender, location, or age affect a member’s ability to reach a savings target, among others.
Though the reform is ongoing, the team assesses an eighty percent progress made over a four-month period, quite a herculean task for the 2-member all-female team leading the process; further proving the capability of the 21st-century woman. The team sees the department as an interconnectivity hub that links all other departments together.
In a chat with them on the importance of their work to the realization of the business’s goal, Jessica Quansah, a member of the team reemphasized that though the process is on-going, significant gains have been made. ‘I think we are getting there. I have noticed that even with our USSD contributions, our input has impacted the strategies that are being drawn, especially for the business development team.
I’m noticing a trend of people who have never made a contribution, now contribute to their retirement because we are able to easily identify them and draw programs that appeal to their needs. We can identify when the member growth is not in tandem with the AUM, and other important findings like that, which is great. I think what we do shows that there are more opportunities for growth” she added.
Data analytics also puts our digital drive in perspective. Using data analysis as a complementary backdrop, therefore, drastically impacts the member contributions and frequency and on the other hand, boosts our confidence in our systems. it also shows future trends in member behavior enabling us to make important adjustments to our product when needed. “The nature of tasks to be done is numerical, and requires rapt attention, added Sandra, the second member of the team. We need to ensure that our inputs are accurate. “I love my job because it's fun discovering stuff, seeing the growth of the company through data and the many possibilities that exist for us to explore through the insights we gather. Really looking forward to a better tomorrow for our members and for Peoples Pension” she added.
As the world goes digital, it is safe to say that Peoples Pension Trust is spearheading the drive for the informal sector with the help of these two intelligent young women. As we #ChooseToChallenge old age poverty we are positive that the contributions of this duo will go a long way to provide #ABetterTomorrow for many.
Pension Weekly Newsletter - Edition 9 - March 2021
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