Tag Archives: regulatory compliance
Why have B2B solutions been defined as outside the firewall? Increasingly we are seeing organisations that have evolved, or are evolving into amorphous structures that are hard to define as either a single or multiple entities. Organisations that have traditionally been compartmentalized as in a specific industry and offering a specific service are frequently now focusing on their core abilities and organizational strengths and applying this to service other departments, subsidiaries or even other organisations in totally separate industries – areas of expertise such as Payments processing for Financial Service companies or Bill processing by Telecommunications operators are seen as revenue generators not corporate overheads. We also see supposedly key processes being outsourced such as Call centers and Networks. Organisations are diversifying hoping that owning the customer or consumer will be enough to be able to resell associated products or services that they have branded or can acquire from other departments or suppliers. It’s a long time since organisations have had to own all their product and service creation and delivery functions however successful and capable they are; but they do have to maximize the revenue and benefits they receive from them.
All in all the hairball of inter-relationships within and without the organisation is becoming more and more convoluted. The traditional supply chain and its management that typically was seen as the life blood of industries such as manufacturing and retail has increasingly been absorbed by industries and sectors as diverse as Financial Services, Telecommunications and the Public Sector who are reliant on partner organisations for key parts of their product and service creation, delivery and support.
But this evolution throws up significant issues as well as benefits.
A major issue is the management and control of access to data and security compliance. Visible security management, access control and auditability are prerequisites of any customer data integration solution but frequently data and access from partners and from within an organisation are viewed as separate processes.
The ability to swiftly respond to changing business and market requirements means not only managing new partnerships and data flows but that the organisation or department providing you will core services last week may not be the same as next week.
This all means that the traditional B2B data flows can now be rethought. The benefits of B2B solutions with partner on-boarding processes and management; data format transformations and managed file transfer are just as relevant within an organisation and its departments as well as when connecting external partner organisations.
The ability to link and manage data publishing organisations / systems / applications together with those applications within your organisation or department that consumes them is just as relevant within the firewall as from outside.
And if you can integrate the external organisation and internal departments data then you are definitely on the road to solving the problem of business change, data security, regulatory compliance and maximising the value of your most important asset – data.
The “Dodd-Frank Wall Street Reform and Consumer Protection Act” has recently been passed by the US federal government to regulate financial institutions. Per this legislation, there will be more “watchdog” agencies that will be auditing banks, lending and investment institutions to ensure compliance. As an example, there will be an Office of Financial Research within the Federal Treasury responsible for collecting and analyzing data. This legislation brings with it a higher risk of fines for non-compliance. (more…)
In a recent post: Informatica Ultra Messaging Software Supports Capital Markets Reforms, I discussed the technology implications of the OTC derivatives (swaps) market moving to electronic trading as mandated by the Dodd-Frank Act (DFA) in the US and the European Market Infrastructure Regulation (EMIR) in Europe. One area where new technology infrastructure will be especially critical is in the creation and operation of “exchanges” for electronic swaps trading, similar to what is used for equities and other asset classes. In the language of the DFA, such exchange venues are called Swap Execution Facilities (SEFs) and are defined as “a facility, trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system, through any means of interstate commerce.” This of course includes capturing orders electronically, matching bids and offers, executing the trades, and providing connections to central clearing houses. And perhaps nowhere else in the new ecosystem is the expected growth in message volumes and associated need for new messaging middleware technology more evident than here. (more…)
Our customer executives delivered some inspiring presentations at our recent Informatica World conference on how master data management (MDM) is enabling strategic business imperatives such as increasing revenue by making more relevant cross-sell offers, improving regulatory compliance with more effective reporting, and streamlining key business processes such as order-to-cash to improve the customer experience. A big thank you to all the presenters for sharing their stories!
These innovative companies are using MDM to better leverage their business-critical data about customers, products, channel partners, suppliers, employees and so on to do two things: 1) enable strategic imperatives or 2) solve pressing business problems. If you were at Informatica World this year, but were unable to attend these MDM customer sessions, you can get access to the presentations online by searching for these titles. (more…)
Are you planning to attend Informatica World 2010 next week?
If so, I invite you to hear these breakout session presentations from our master data management (MDM) customers, including:
- Johnson & Johnson’s Charles Bloodworth, IT Director, Medical Devices & Diagnostics;
- Merrill Lynch’s Sal Caruso, Director, Client & Account Data;
- St. Jude Medical’s Mike Striefel, Senior Manager, Enterprise Information Delivery, and
- GlaxoSmithKline’s Nipun Bhonsle, Manager, Strategy, Architecture & Information. (more…)
The devil, as they say, is in the detail. Your organization might have invested years of effort and millions of dollars in an enterprise data warehouse, but unless the data in it is accurate and free of contradiction, it can lead to misinformed business decisions and wasted IT resources.
We’re seeing an increasing number of organizations confront the issue of data quality in their data warehousing environments in efforts to sharpen business insights in a challenging economic climate. Many are turning to master data management (MDM) to address the devilish data details that can undermine the value of a data warehousing investment.
Consider this: Just 24 percent of data warehouses deliver “high value” to their organizations, according to a survey by The Data Warehousing Institute (TDWI). Twelve percent are low value and 64 percent are moderate value “but could deliver more,” TDWI’s report states. For many organizations, questionable data quality is the reason why data warehouses fall short of their potential. (more…)
Earlier this month our Managing Director for Informatica in ASEAN, Suganthi Shivkumar, wrote an article entitled “Data Integration Helps Achieve Business Goals”.
I have reposted it here with permission from CXOToday.
Data Integration Helps Achieve Business Goals
Imagine a world where IT is perfectly aligned with the business. Accurate, relevant information flows freely throughout the enterprise, driving timely decisions and actions. The IT infrastructure is flexible and designed for reuse ensuring that companies don t just respond to changing business requirements and competitive pressures, but stay ahead of them. And in an ideal world, IT delivers real, measurable value to the business, supporting key goals such as: (more…)
Medical device manufacturers may be facing new and emerging regulation on the state and federal levels, but FDA recall rules remains the industry’s most immediate day-to-day compliance challenges. With device recalls, the FDA gives manufacturers some leeway in alerting customers. Companies can use the means of their choice in alerting device users, whether via email or snail mail or mass media. The rule is, however, that at least 80% of the users must be contacted. Fail to reach that threshold, and you have to contact users directly over the phone—meaning your recall gets far more expensive than it already was.
To address the FDA recall rules, most device manufacturers use customer relationship management (CRM) systems. Problems arise, though, when companies use one system for phone interactions, another for online customer contact, and another for snail-mail communication. When customer data is scattered across several systems—and it almost invariably is—accurately tracking contact data across all of the systems becomes difficult-to-impossible. For instance, a customer might have changed her telephone number via a mail-in registration card, but that information never gets reflected in the telephone database. Similarly, a customer might alert a device manufacturer to an address change via the website, but it doesn’t get updated in the postal database. When the company tries to reach their customers of a recall via snail-mail, they might get 20-30% returns due to incorrect addresses, prompting an expensive calling campaign.
No wonder device manufacturers are turning to master data management (MDM) to bolster their compliance efforts. A quality MDM solution can provide manufacturers with consistent, complete and accurate consumer, contact, and communication preference information—even when it is captured and stored in different systems. Companies can use this information to reach customers rapidly and avoid costly and ineffective device recall campaigns. With MDM, if a contact information is changed in the CRM system, that new information will quickly be reflected in the web content management system and other customer-facing systems. This means that any campaign that is using data from the central MDM system would always use the correct preference setting, regardless of the system of origin.