Data quality and data capabilities within an asset management organization are vital when addressing operational transformation. Often, data practices are an afterthought when attempting to engage in an operational transformation initiative. The reality is that organizations lacking good, clean data and solid data practices will find implementing the future state model challenging, longer than necessary, and more costly to deploy.
Strategic Approach to Remedy the Symptoms
Firms that identify with these symptoms must ensure data practices are in the scope of the inevitable transformation journey. Conducting the right analysis and identifying a solid data strategy will help guide the organization to evolve their data practices all while ensuring business value is firmly in focus of the short-term priorities. A solid Data Strategy will outline the following:
- Identify the data capabilities in scope of the inevitable transformational activities
- Outline how the capabilities will benefit the business’ and/or the operation’s transformation
- Identify the tools or types of tools required to support the Data Strategy
- Construct a storyboard or roadmap that highlights both the short- and long-term data goals
Short-term Relief; Long-term Cure
When zeroing in on the Data Strategy, firms should start their journey with the basics in mind. Focus on small wins that will heighten the success of the overall operational transformation but lay core components in place for the longer-term data strategy. Firms that can heighten the success of the operational transformation by strengthening their data capabilities will inevitably gain favor with the business and operational teams and begin to gather champions for continued data transformation.
Improvements to data practices will enable the firm to respond faster to business challenges, establish trust in the data, and enable end-users to make better investment decisions. Over time, the organization will realize the power of data and start to advocate for projects to advance data in the culture. Making smart, precise choices over the long term to evolve data practices in a strategic way will ultimately transform the firm into a Data-Centric Organization.