7 Data Management Strategies of Successful IT Organizations
Financial services are facing enormous data challenges – data volumes are exploding. Regulatory requirements are growing more complex, and regulators are asking financial institutions to identify and maintain information on relationships, especially beneficial ownership relationships.
- Know Your Data: Data elements are not just fields and tables, but have sematic meaning that underlies the operation of the business. Successful IT departments understand that, and know what the data means at every level.
- Have a Single Version of the Truth: Internal and external data is fragmented and contradictory. Successful IT organizations consolidate and align the data, to present the stakeholders with a unified, full and accurate picture of the customers and the risks they pose.
- Maintain Data Lineage: Data needs to be traceable all the way back to the originating System of Record. This is an often overlooked key of a successful data strategy, as elements of consolidated data need to be attributed to source systems. This is especially important when customer data is being streamlined from multiple systems such as the account opening system, the on boarding system and the transaction monitoring system.
- Enforce Security: Security practices must be strictly adhered to at every part of the system. No one wants another data breach. Investigators often had to conduct searches in external websites so just limiting access is not always an option.
- Plan for growth: have a plan in place for future growth for each part of the system. Anticipate and prepare for the right bottlenecks such as having a strategy of scaling to the millions and managing customer records history.
- Pick the right data infrastructure: Data warehousing technology is evolving rapidly. Find the right one to meet your current and future needs.
- Use a Service Oriented Architecture: Managing data via services affords flexibility, and is at the heart of every successful mobile strategy.