Evolution of Data Analytics at 3M Compliance Department
| Case Code: ITSY118 Case Length: 12 Pages Period: 2015 Pub Date: 2018 Teaching Note: Available |
Price: Rs.400 Organization: 3M Industry: General Business Countries: United States Themes: Technology Strategy, Technology Strategy, Information Systems Control |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
Business Insights and Influence
As the use of data in the 3M Ethics and Compliance department grew, the department entered what it called the ‘Business Insights and Influence’ stage of data usage. The size of the department also increased as it developed newer relationships and partnerships. With the evolution of the department, these new partnerships became helpful in designing the ethics and compliance programs as well as in the deployment of compliance related initiatives. Compliance contacts were one such partners, also termed as ‘stalwarts of the compliance program’ . The compliance department had close to 100 compliance contacts across the globe...
Process Optimization
Over a period of time, the Ethics and Compliance department of 3M had loads of data to process. It realized it needed someone with expertise in handling large amounts of data. Hence, it moved toward a big evolution in its department – hiring a data scientist in the year 2018. Though there were data scientists at 3M, this was the first time the Ethics and Compliance department had a data scientist devoted to its own work. The data scientist that the Compliance department hired was a complete outsider and came from a different business background and had no experience working with compliance related data...
Predictive and Strategic Analysis
As already stated, the Ethics and Compliance department at 3M was working with a humungous amount of data. So now it wanted to do more analysis and develop compliance related strategies with that data. Working manually with so much of data had improved its understanding of data and according to Duran, “it was a time well spent.” The department hence moved ahead and adopted predictive analytics as a way to further use its enormous amounts of data...
Exhibits
Exhibit I: 3M’s Code of Conduct
Exhibit II: What is Predictive Analysis?
Exhibit III: Reporting Hierarchy of 3M Ethics and Compliance Department
Exhibit IV: How to Follow Code of Conduct at 3M
Exhibit V: Reporting Non-Compliance Issue at 3M
Exhibit VI: Ethics and Compliance Metric Scorecard
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