Is your data letting you down?

Author: Nicholas Van Zeggeren, VP, Entity Group

This blog explores insight from The IT Insider White Paper: Digital Transformation in the Financial Services Sector, which you can view and download here:

Is your data letting you down?

Author: Nicholas Van Zeggeren, VP, Entity Group

This blog explores insight from The IT Insider White Paper: Digital Transformation in the Financial Services Sector, which you can view and download here:

Download now

The IT industry has been running BI projects in various guises for many years, but the rate of failure to deliver on the promised business benefits has been unacceptably high. Lack of confidence amongst senior executives in the figures they’re presented with is often the biggest stumbling block, but rather than blaming the tools or the individuals that are running the reports, the problem lies in the data itself. By trying to get by with incomplete or poor quality data when running data analytics, organisations are at risk of wasting a lot of time, effort and money.

Turn the data you’ve got into the information you need

Entity Group has developed a process for ensuring the data management, roadmaps and governance needed to avoid this pitfall – saving you a significant amount of time and cost. Address the underlying data issues before you invest in BI or data analytic solutions, and you will avoid the possibility of being presented with information that still doesn’t add up – despite being more readily available and nicer to look at!

1. Ownership

Determine who owns which pieces of data at the various levels within your organisation? Who in the management chain is accountable and who is responsible for taking action?

2. Description

To maximise data value, you need to gain clarity over what it actually is – describing it in a manner that’s standardised and simplified. This will facilitate sharing and collaboration across the organisation to prevent duplicating data and ‘re-inventing the wheel’, whilst also helping you to identify more easily what you’re missing. It will ensure that future changes to data values can happen in a timely and straightforward manner.

3. Quality

Once data is properly described, it becomes possible to measure its quality more objectively – using different standards and targets for different classes of data, based on its importance to the business.

4. Access

Be sure to allow authorised people to access data securely and with the correct level of control and audit. You also need to adequately protect the privacy of the individual whose information is being accessed or shared.

5. Usage and Sharing

Reduce data complexity, ensuring that you only capture data that is necessary, reasonable and proportionate for your needs. This will make it easier to share data both within your organisation and with external parties, whilst ensuring compliance with data protection legislation.

6. Implementation and Control

If you have followed the first 5 principles correctly, this part of the process should be considerably more straightforward and carry a much greater chance of success. Attempt to address this stage in isolation by simply purchasing a BI or analytics solution and the ROI will be minimal.

You can explore this subject in more detail in Entity Group’s recently published book: Crossing the Data Delta

Download The IT Insider White Paper: Digital Transformation in the Financial Sector

Download now

Bringing together in-depth insight and real-world examples from a number of specialists within the financial services sector, this White Paper explores how you can:

  • Tackle digital disruption – driving deeper customer engagement and innovating to stay competitive
  • Create value for shareholders by focusing on areas that offer profitable growth at low cost and risk
  • Meet risk and regulatory compliance challenges head on