In the digital world data is a representation of everything that exists in the business world - customers, products, markets, processes, systems, organizational structures, and risks. It is now a central asset for both financial institutions and tech industry players, and any organization’s competitive advantage largely depends on its ability to collect and process relevant data. Yet, successful analytics and data innovation require solid data management foundations:
- Data Governance;
- Flexible Data Architecture;
- Master Data Management;
- Enterprise Data Warehousing.
Putting these foundations in place is often considered to be a major part of any firm’s data-driven transformation.
When we create data and analytics solutions for our clients, we observe various stages of data-driven transformations in banks, investment managers, exchanges and brokerages, insurance and financial data/research/media companies.
One of the most important stages of data-driven transformation covers important data management practices and architecture foundations that address pressing business challenges and demands around data quality, integration, availability, control, and security, and enables further transformation stages with added benefits. At the initial stages, we usually focus on resolving issues in several areas:
- Cost of Data;
- Data Quality;
- Regulations / Control;
- Availability and Understanding of the Data;
- Data Integration.
Powerful and easily accessible business intelligence, rich reporting, and interactive data visualizations delivered for internal users and end-customers help maximize the value of data for an organization.