The Chief Data Officers present were largely representatives of financial services firms.
In general, their focus in on balancing the need to deliver advanced analytics with the setting the foundations of data governance and data quality.
The same themes were prevalent in a recent Information Management roundtable: How Financial Firms can Improve Data Quality.
The discussion, underwritten by Trillium Software, brought together senior data management leaders from a number of major global banks and insurance groups to discuss their experiences. The challenges and opportunities being discussed were very much in line with those discussed at the South African event.
The full roundtable discussion can be downloaded from Information management by following the link above.
Here are some of the themes:
Advanced analytics driving investment in data
“A lot of my data initiatives are driven by my analytics initiatives, kind of a symbiotic supply and demand area.” – -Louis DiModugno
EIM (Enterprise information management) is about creating trusted data
“… if you put bad information out there, it is hard to get everyone back on board with confidence in the information you are providing them.” – Jed Maczuba
Context is critical
“The thing that keeps me up at night is what happens to that second or tertiary consumer that perceives the tremendous potential of this data and wants to use it, but they do it without knowing what it means, where it came from, how it was filtered or grouped, or what has been done to that data'” David Gleason
Data quality requires tools that are accessible to business users
“… if the actual consumers of data or the people who interact with the data are most familiar with it and are in the best position to affect or to determine its quality or, in fact, improve its quality, it has a profound bearing on what kind of analytics tools are most appropriate to use.” SR Ramakrishnan
The value of Data Governance must be demonstrable
“To demonstrate value [of data governance] you have to first be able to measure data quality.” SR Ramakrishnan
Where do data scientists belong?
“Most of the data scientists are sitting with the business units. But within IT, there’s one or two – especially a liaison looking at things and
helping to facilitate access to data, self-service or whatever the case may be, or data acquisition, so that’s really important” Eric Meltzer
Privacy is an increasing concern
“I look back at how over the last decade or so, all of the people in our business were aware that we all had a role in managing risk. Now we are all aware we have a role in managing information security/” David Gleason
Download the full discussion for much more of the current thinking from some of the world’s data leaders.