Tag Archives: Trusted Data
One of the most critical first steps for financial services firms looking to implement multidomain master data management (MDM) is to quantify the cost savings they could achieve.
Unfortunately, a thorough analysis of potential ROI is also one of the steps least followed (a key culprit being disconnects between business and IT).
This shortcoming is spotlighted in a new Informatica white paper, “Five Steps to Managing Reference Data More Effectively in Investment Banking,” which outlines key questions to ask in sizing up the cost implications of bad data and antiquated systems, such as:
- How long does it take to introduce a new security to trade?
- How many settlements need to be fixed manually?
- How many redundant data feeds does your firm have to manage?
- How accurate and complete are your end-of-day reports?
- Do you have the data you need to minimize risk and exposure? (more…)
I find this rather an interesting and profound question! Trusted data. What does this mean, and how does it affect us all? We’ve built all these systems over the years and we implicitly trust that the data provided is correct.
For years I have used online banking and I trust my bank (well, things have been OK up to now and I always check my statements and cross-reference incomings and outgoings). Why do I check it – basically because I’m still a little nervous, it makes sense and I hear horror stories about hacking, stolen identities and all sorts of security issues. The latest high profile example of this of course was the Sarah Palin hack (take a look at View From The Bunker for an interesting blog on security).
We make decisions all the time based on trust. We buy presents for our loved ones, or cars and houses because we think we have enough funds – we trust our data. I was chatting to a journalist recently over at the Oralce Openworld conference and he brought up the word trust … apparently he was using a very popular on-demand service (you know … the gorilla in the market!) to sell to customers and wasn’t able to reconcile with his finance people. They were telling him that his top 10 customers were completely different to the top ten in his SaaS system. Hmm … a great example of “which data do you trust”? The CRM system , or the finance system? After investigation he found out that the problem was because the two systems were not connected and his company was relying on human process to update both systems.
That’s the whole point of integration – to help ensure that your systems are connected and that the right information is available to you to help you improve your decision making process, and operate more effectively. Today data is the lifeblood of every company, it’s the true currency that we all deal in when we trade on the stock exchanges, or run drug trials across hospitals, or manage supply chains across continents. You have to be able to trust your data – and yet the world is full of examples of mistakes made or mishaps occuring because of poor quality data.
Take a look at “Do You Trust Your Data?“. It’s a new site we’ve pushed out highlighting real-world examples of stories relating to trusting your data. You can add your own (anonymously if you’d like). We’ve love to hear from you. Go on… I know you want to
Last week we sent out two press releases talking about the role of “data” in delivering on Governance, Risk and Compliance. It had me wondering on the importance of data integration – strategic or tactical?
The first “Informatica Delivers Comprehensive, Timely, and Trusted Data For Governance, Risk, and Compliance” was designed to kickoff a campaign we are running on this subject. I think that this is something Informatica is good at – helping companies to pull together trusted, accurate data to meet these requirements. My colleague John Schmidt was commenting recently on why data integration should be considered as a strategic discipline, and not simply a tactical activity. I can’t think of anything more strategic than delivering data for such purposes – after all, the alternative seems to be “go to jail”!
The second release “IDC EMEA Report Finds That SEPA Fatigue Leaves Banks in Limbo” results from a research report conducted by IDC in relation to the latest set of regulatory requirements to hit the finance sector – namely the Single European Payment Area (SEPA) which went live in January this year. We sponsored this research with Atos Origin because we felt that it was important to understand how financial institutions are implementing this regulation and what the results have been. The resulting paper, which you can obtain here, highlights the relatively lack-lustre approach that many banks have taken to this mandatory regulation. It also highlights the role that data plays in moving information between financial institutions. We now live within a society in which information is the primary currency being traded and anything that can be done to lowering the cost of transacting “information” between institutions is a good thing.
This comes back to the point made by John (above) in how data integration has become a strategic discipline and not a set of tactical processes. Whether you are looking for assistance in moving data between companies, or migrating data to a new system, or consolidating data from disparate systems, or integrating data within cloud computing services, or … [the list goes on], it is important to recognize that you should adopt a strategic platform in doing this because all the individual tactical processes that are talked about soon become strategic. The sooner one recognizes this, the sooner one can reap the benefits of a data integration platform to help drive efficiencies across all these processes and ensure that you are lowering your cost of managing data across your enterprise.
Executives should be asking themselves some pretty basic questions:
- How much do you trust your data?
- What happens if you use outdated information?
- Do you have complete visibility and insight into your business?
These were some of the questions I was pondering while reading a recent white paper authored by one of my colleagues. It was talking about how the delivery of complete and trusted data can help your organization to manage Governance, Risk, and Compliance. With advice and knowledge from real-world customer stories, it explained both how to reduce the cost of producing timely and trusted data for Governance, Risk and Compliance as well as showing how timely, high quality information can satisfy regulatory data audit and documentation requirements.
Delivering trusted data is something that should be on the forefront of executives minds, and the technology is here now to help companies achieve this in a cost effective manner.
Seems pretty strategic to me – what do you think?