The evolution of data use by financial institutions has been accompanied by ever-changing challenges to its management. With technologies such as artificial intelligence enabling firms to prise greater value from their data and to subject it to greater utilisation, a new set of data management practices have emerged.
These modern data architectures regard data as a shared asset that should be made available to every part of an enterprise for use at scale. Consequently, management structures have been created to enable that.
A-Team Group will examine this groundswell of interest in modern data architectures in its forthcoming webinar. A panel of experts from the worlds of data provision and consumption will join Data Management Insight to delve into the fundamentals of this new phenomenon and discuss how institutions can apply it to draw the most value from their data.
The panellists will be Jez Davies, Global Head of Data Products at Northern Trust Asset Servicing; Robert Muller, Director – Divisional Data Officer at BNY; and, Neil Vernon, Chief Technology Officer at Gresham Technologies. They will be moderated in the webinar, which is entitled “How to simplify and modernise data architecture to unleash data value and innovation”, by A-Team Group’s Joy McKnight.
Organisational Blueprints
“Streamlined, modern data architectures keep flexibility, scalability, security and data sharing as a priority,” Julian Trostinsky, Global Director of Solutions Engineering at Gresham Technologies told Data Management Insight.
“One can look at modern data architecture projects and developments as blueprints for organising and managing data across an entire organisation. It involves defining processes for collecting, storing, and integrating data to meet operational and analytical requirements.”
While data experts differ over the exact definition of a modern data architecture their thoughts coalesce around a few basic characteristics.
The most commonly cited is that they must provide scalability and flexibility. This is most commonly achieved through the use of cloud-native technologies, which can be turned on an off when necessary, providing efficient elasticity of deployment that is sensitive to demand patterns.
They typically are built to ingest and process larger volumes of data than traditional management structures in accordance with the surge in data generation and the incorporation of data-driven technologies.
Importantly, modern data architectures stress the importance of a unified approach to data governance to ensure data accuracy, consistency and security, especially for regulatory compliance needs.
Another key part of these structures is their ability to process real-time data and analytics so that organisations can shorten the decision-making timeframe in response to market or other stimuli.
Important Questions
As well as dwelling on these key components of a modern data architecture, the panellists will consider:
- How they differ from conventional structures
- If institutions can retool their existing setups to achieve a similar level of efficiency and flexibility
- The benefits of implementation
- The challenges and costs.
“Data architecture is a key element for any organisation aiming to manage, utilise, and leverage its data effectively,” said Trostinsky.
- A-Team Group’s “How to simplify and modernise data architecture to unleash data value and innovation” webinar will be held on 15 May at 10:00am ET, 3:00pm London and 4:00pm CET. To register your attendance click here.
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