By Dennis Slattery, CEO, EDMworks
Change is constant and unrelenting, and the causes are many and varied: challenger banks, fintech, regtech, cost pressure, cryptocurrencies, regulation and emerging technologies are just a few examples, with many more on the horizon.
Organisations have to deal with change, so how can they do this and what is the best approach?
All financial services companies have data at their heart. The approach to dealing with change has to ensure that curation and use of data is improved and the value of data to the organisation and its customers is increased over time.
Tactical approaches generally fail to increase the value of data to the wider enterprise. In fact, tactical approaches often diminish value by creating duplication, which in turn creates doubt and lack of trust in data. Trust is the foundation of any financial firm, so loss of trust is a serious matter.
Data is of systemic value to an organisation, requiring an approach to managing data in response to a series of internal and external changes to also be systemic. In EDMworks’ latest white paper, ‘Transform your Data Governance by Redefining and Reskilling the Organisation’, we explore the challenges facing organisations, share new insights into data, and describe how organisations need to adapt systemically, at all levels. In this way, managing data becomes part of the DNA of the company and an intrinsic part of its culture and processes.