For large financial organizations, data and data management are often a drag on a successful digital transformation. It isn’t this way because of a lack of investment. International Data Corporation (IDC) forecasts the financial sector forecast to be the fastest with a compound annual growth rate (CAGR) of 20.4% between 2017 and 2022.
What are the main obstacles in the way of successful digital transformations within large financial organizations:
- Firstly, constant data changes over time. New records, and updates to existing records, are tough to manage.
- Secondly, existing – rules-based data management practices don’t scale. And issue one just further exacerbates this problem. Often legacy data integration technologies are being used, or people are tackling this on their own in silos (55%). People are simultaneously touching the same data and making changes with little collaboration.
- Thirdly, in a similar vein, most organizations struggle to unify hundreds or thousands of data sources from across the organization. The existing systems in place aren’t designed to talk to each other directly, so the data remains siloed. To obtain a unified dataset means an amazing amount of manual work that when constructed is incredibly fragile.
So clearly there’s a lot of pain being felt.
Recently we hosted a webinar with data expert and CEO of NewVantage Partners, Randy Bean, and our Head of Strategic Sales Engineering, Ravi Hulasi addressing these transformation problems faced by organizations. 3 Strategies to Drive More Data-Driven Outcomes in Financial Services gives actionable insights into how projects can morph from data disasters, to data successes.
Watch the recording.