About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

No ‘One Size Fits All’ Maturity Level for Data Management Projects, Says LakeFrontData

Subscribe to our newsletter

There is no ‘one size fits all’ maturity level for data management projects and firms must consider factors including size, focus, core expertise, business requirements and constraints before embarking on such a projects, according to the latest white paper from LakeFrontData. Different capability levels are therefore appropriate for different business requirements and firms must be careful not to overreach themselves in these endeavours.

The white paper, Understanding and Optimising your Firm’s Data Management Capabilities Using Maturity Models, also introduces the vendor’s own data management capability maturity model. The vendor claims this model has been designed to quantify the capabilities and readiness of firms to successfully implement, integrate and operate their data management systems with consuming business applications.

Firms can use these models to benchmark their current capabilities and identify, prioritise and address shortcomings that are evident in their data management practices, says LakeFrontData. Its own model can be used to provide gap analysis in this way and it has seven capability areas and five stages of maturity for each of these capabilities, claims the vendor. The seven capability areas comprise: governance and organisation; policy and stewardship; business engagement process; data content and coverage; data quality management; technology solution and architecture; and operations.

“Our recommended approach would be to initially identify and assess your business priorities and primary pain points when it comes to data. At all stages of maturity, this effort requires and benefits from a collaborative investigation/effort among key stakeholders including business, IT and operations,” says the white paper.

The vendor cautions that enhancements in technology alone will not solve problems: “without the efforts around data stewardship, data workflow capabilities and governance, the longer term goals are unlikely to be met”, it elaborates. The sophistication level of the technology is often over-egged, according to LakeFrontData. It claims that firms can often select a less sophisticated platform than they have chosen to meet their research requirements and thus spend less on this area.

“In most cases, research’s instrument universe and content requirements are large; but the solution typically does not need to handle such things as matching multiple feeds, complex data cleansing rules and strict entitlement controls,” the vendor explains.

LakeFrontData identifies data quality as a much more difficult area to tackle with regards to these projects than technology. There are no vendors out there that offer to tackle every issue with regards to bad data, after all, says the vendor. This is where the tracking of metrics using a data management capability maturity model comes into play, it says: “It allows you to initially gauge your maturity, take corrective action and track your improvements over time.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Are you making the most of the business-critical structured data stored in your mainframes?

Fewer than 30% of companies think that they can fully tap into their mainframe data even though complete, accurate and real-time data is key to business decision-making, compliance, modernisation and innovation. For many in financial markets, integrating data across the enterprise and making it available and actionable to everyone who needs it is extremely difficult....

BLOG

EU’s AI Act Loads Data Responsibilities on Institutions but also Offers Opportunities

Financial institutions are under pressure to put their data estates in order as the European Union’s artificial intelligence regulation comes into force this week, threatening huge fines for failures to observe its tough rules on the safe and fair use of the technology. Nevertheless, the introduction of stringent measures that will place new compliance burdens...

EVENT

AI in Data Management Summit New York City

Following the success of the 15th Data Management Summit NYC, A-Team Group are excited to announce our new event: AI in Data Management Summit NYC!

GUIDE

Evaluated Pricing

Valuations and pricing teams are facing a much higher degree of scrutiny from both the regulatory community and the investor community in the glare of the post-crisis data transparency spotlight. Fair value price transparency requirements and the gradual move towards a more harmonised accounting standards environment is set within the context of the whole debate...