By StorageAsia Editors | May 26, 2011
Today’s financial services organizations in Asia, as well as those around the globe, are tackling data management issues that expand well beyond reference data management. While reference data is often the first subject area that is pursued, it is only one small aspect of a comprehensive enterprise data management solution, where there are other well-defined subject areas that must be addressed.
According to a survey by FSO Knowledge Exchange, 25% of all reference management spend in a financial institute is wasted in multiple data silos, and in managing and conditioning the data across all these and that 80% of people said once the data has gotten into their institutions from small vendors, only a small percentage know where it is going. But that’s just one small aspect of data management.
Understanding the various activities within a data management solution, from integration, to quality, enrichment, warehousing, and ultimately business intelligence, is critical to being able to establish a clear vision and prioritize goals. Organizations that view their business data as a strategic asset to serve business drivers will be most successful in the long run.
This appreciation will provide the impetus to embark on a establishing a data management program and provide the fortitude to tackle the technical and organizational challenges that arise. Some of the benefits include:
- Delivering immediate cost savings through the optimization of data use within the enterprise by reducing the duplication of data licenses, streamlining data acquisition, and minimizing data storage.
- Ensuring the data is available and secure will instill confidence.
- Providing transparency throughout all operational flows and having business data defined, ownership understood, usage made consistent, and auditing controls and processes in place will create a smoother transition throughout the duration of the project.
- And finally, establishing a strategy to measure data quality on an ongoing basis will aid the organization in achieving a successful data management program.