Data management is a vital part of every organisations business strategy - but managing data is not as straight forward as it may seem, and at times financial institutions are finding themselves on the back foot when it comes to their approaches.
At the A-Team Data Management Summit Virtual USA last week, Solidatus CDO Lorraine Waters interviewed Scotiabank CDO Peter Serenita to learn more about his insights into reactive vs. proactive data management to drive growth and profitability.
Delving into the need to move to more proactive management, Peter comments on the importance of main drivers such as business outcomes, the reuse of data and time-to-market.
Business outcomes
Data teams need to focus on the fact that creating a data set is not the end game. The end game is business outcomes. And these outcomes need to be measured and monitored to ensure the business is getting the expected results. Successful outcomes will write the business case for the Data team.
Reuse of data
Think about the reuse potential and number of adoptions of the data as opposed to new provisions. Over time, re-use numbers will increase and this will help with time-to-market. The more a catalog of what data is available grows, the less need to provision on a delta basis. This reduces costs, time-to-market and cost of future projects.
Time-to-market
Consumers have different demands, and if a Data team does not recognise those demands and requirements, then a pivotal point has been missed and the time-to-market is prolonged and consumers will work around the Data team. It's important for organisations to know their consumers and actually build to their requirements.
Looking at the current data landscape and to the future of data management, Peter remarks; "I think it’s a fantastic time to be a data professional. Data continues to take the front row now in terms of the importance people are placing on data within an organisation. Data doesn’t just support business – data is the business."
To learn more, watch this fantastic discussion between two powerhouse CDO's on-demand now:
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