Cultural battle being waged over data
15 March 2017 London
Image: Shutterstock
Efficient data management in financial institutions is a cultural battle that is still being fought, heard attendees of the Summit for Asset Management.
Data management providers need to ensure that “everyone in the organisation realises that it is something real”, according to one speaker.
“They have to get beyond the idea that ‘this is IT’ and think of it more as information science,” he said. “This is the biggest cultural shift that we have ever seen.”
A big step toward achieving this would be “documenting their processes and putting them in a data framework”. Compliance should be a driving force behind any framework.
A framework should also bear in mind differences in business lines and even how each department within an organisation operates. “There are some places that really show the benefit of standardisation, but it’s still a way off [from being the norm],” one speaker explained.
Data management providers need to ensure that “everyone in the organisation realises that it is something real”, according to one speaker.
“They have to get beyond the idea that ‘this is IT’ and think of it more as information science,” he said. “This is the biggest cultural shift that we have ever seen.”
A big step toward achieving this would be “documenting their processes and putting them in a data framework”. Compliance should be a driving force behind any framework.
A framework should also bear in mind differences in business lines and even how each department within an organisation operates. “There are some places that really show the benefit of standardisation, but it’s still a way off [from being the norm],” one speaker explained.
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