Read this article and learn about
Mick Cartwright, Director, Asset Management, Accenture
“Better, faster, cheaper,” the legacy “Iron Triangle” of project management has posed the trade-off “pick two”. Imagine trying to apply such a trade-off to the words “enterprise, data, management.” It just doesn’t work. Enterprise Data Management (EDM) is not separable from enterprise management.
In relation to the renewed focus that is being directed towards EDM, we will, in this article, address the following three key points:
- Enterprise Data Management – Something old, something new: An increased recognition of EDM/data governance value
- Enterprise Data Management success: An ongoing challenge affecting data quality and bottom-line results
- Enterprise Data Management challenges: As it applies to asset management
EDM – Something old, something new: An increased recognition of EDM/data governance value
From the earliest handwritten business records to the most modern computer-based systems, there always has been a need for and a focus on complete, accurate, and useful data in business management. Yet, in a survey conducted by Accenture and Greenwich Associates in 2015/16, interviewing 133 data management specialists in both buy-side and sell-side firms, 70% of respondents rate data quality concerns as a top issue. In fact, data quality concern was the highest ranked issue across all respondent demographics.
… interviewing 133 data management specialists in both buy-side and sell-side firms, 70% of respondents rate data quality concerns as a top issue. In fact, data quality concern was the highest ranked issue across all respondent demographics.Mick Cartwright, Director, Asset Management, Accenture
Surveys by other researchers have indicated a positive relationship between the quality of a firm’s data, including its broad accessibility, and superior financial results. Such findings suggest an imperative to re-focus on EDM. For example, in a 2016 Rimes buy-side survey of asset management firms, more than 73% of respondents indicate their belief that EDM generally, and a data governance organization specifically, are keys to improving both data quality and business efficiency, hence, financial performance.