InterSystems says data democratisation a missed opportunity
InterSystems has found that financial services organisations are missing the opportunity to democratise data to achieve new levels of innovation.
The creative data technology provider says that while the finance industry uses data management technologies to break down siloes, improve data quality, and deliver more meaningful insights across their organisations, it is also necessary to democratise this data.
The company says this process involves making it significantly more straightforward to share knowledge and letting users interpret and capitalise on insights regardless of their technical skillset.
"The secret to creating an efficient organisation that delivers relevant insights to its teams and great service to its clients is all in the data," InterSystems regional director Andrew Aho says.
"Employing a data management platform that supports the democratisation of data is critical for businesses looking to keep their staff well informed across all departments."
InterSystems notes that by implementing advanced architecture such as smart data fabrics, company data becomes available across many roles in an organisation, irrespective of the user's technical capability.
The company says this ensures that team members can produce relevant, trusted insights and ultimately make better business decisions.
InterSystems findings on key long-term benefits from data democratisation for organisations include:
- Addressing the customer data management challenge
Recent research shows that 95% of CEOs surveyed across Australia believe their company's long-term success and durability relies on more efficient use of customer and client data.
However, only 7% believe their customer data is sufficiently comprehensive to enable this.
InterSystems says data management continues to be a key concern for organisations globally that are looking to create a 360-degree view of their customers' habits and needs.
It adds that democratising this information by applying the right technology will immediately begin to address these concerns internally and provide business leaders with a more solid understanding of their customer data.
- Unlocking legacy siloes
InterSystems acknowledges that data siloes remain an ongoing issue across industries. It says one of the main problems is that organisations that want to evolve from existing legacy systems can risk leaving data behind.
Additionally, team members may house documents in private servers or emails instead of public spaces, creating impenetrable siloes.
Incorporating data management technology based on a cloud platform means data can be updated in real-time and accessible at any given moment, ensuring that all team members, regardless of their technical abilities, can access critical organisational information.
- Driving innovation
Democratised data empowers team members to use the most relevant information in their day-to-day activities, encouraging ideas to innovate and unlock new organisational capabilities.
InterSystems says this helps business leaders more effectively keep pace with market changes and identify and capitalise on untapped opportunities for the business.
The company adds that in a market where financial service organisations are searching for a competitive edge, access to all customer data elements through management architectures such as smart data fabrics can be seen as vital to success.
"Smart data fabrics can analyse, transform and harmonise data from multiple sources on demand to make it usable and actionable," Aho says.
"These systems work to keep organisations compliant, as well as improve efficiency by allowing data to be accessed freely by internal parties while maintaining data security and integrity across the organisation.
"As technology continues to develop, it will be critical for organisations to evolve and embrace these changes to better establish a digital foothold in the future of the financial industry."