| |DECEMBER 20219Big Data availability in a data lakeManage Data explosion to make it a competitive ad-vantage: Organizational data deluge could be due to various reasons e.g. newer / more automated Point Of Sale integration, or integrating broader market data for analytics. Remember tons of your own and com-petitor data is somewhere available for insights and analytics. It's a competitive advantage to tap into this data & benefit. f) Has as table stakes mature real time Business Intelligence (BI) reporting, Data Governance & Data Quality programsTraditional Data Management practices are now table stakes: Mature the practice in areas of BI & self-serve reporting. Today's BI tools provide not only more advanced reporting but also provide embedded Analytics capabilities. The challenge here is more of the skill competency to view the data & insights to create a competitive advantage to the Enterprise. Data Governance is yet another vital pillar in a DM organi-zation. Having well defined data owners, stewards & custodians ensures successful cross organization part-nerships in managing the Data Assets. Finally, Data Quality based Key Metrics must be ubiquitous across all strategic business reviews including the Board re-porting. g) Need to scale rapidly to facilitate some happen-ing & futuristic tectonic shifts such as AI/ML.Stay hungry for disruptors & ride the wave at the earliest opportunity: AI/ML places huge demands on the data sets both internal & external. Having a data foundation framework that will scale to the newer dis-ruptions will ensure market differentiator advantage thus propelling the Enterprise to market leadership positions. h) Need to monetize data to create value Transform Data to Intelligence and make it a strate-gic asset: When Enterprise derives Intelligence out of its data it has applied a force multiplier to its strategic asset. This intelligence could be used to better posi-tion your products in the market, better understand your customer behaviors, better manage vendor costs & better price your offerings. Of course, the same in-telligence derived out of data can streamline opera-tions & optimize costs for the Enterprise.i) Need to acquire & nurture talent and while at it set diversity & inclusion targets in hiring.People, people & people: A Data Management prac-tice needs to be dynamic, fungible & cutting edge. This is only possible if the Enterprise invests in the acquisition & retention of the skilled workforce. Data Management principles are now taught in colleges & a plethora of organizations as well as certifications have come up to support the discipline. Tap into them & ensure you create adequate runway for hiring diversi-ty talent which definitely provides outcome multiplier effects. In conclusion, Data Management for the Financial Services is a challenging & happening area where many a career progression can be created. Data is only exploding everywhere & this trend will only continue to grow exponentially. This further places huge expec-tations& opportunities in the use of this data. My hope is that passionate Data professionals will continue to inspire more workers into embracing this evergreen Enterprise function. Data Management for the Financial Services is a challenging & happening area where many a career progression can be created. Data is only exploding everywhere & this trend will only continue to grow exponentially
< Page 8 | Page 10 >