The active focus on the “data supply chain” to serve analytics and reporting for the financial services industry is here to stay. In spite of the fact that so much of the day to day focus is currently dominated by regulatory drivers, the industry needs to start transitioning towards a “new normal” where the business views investments in data as helping drive innovation and growth in addition to compliance.
A first step toward a sustainable, value focused data culture is beginning to leverage current regulatory driven investments and adding a relatively small incremental spend, to generate value for the business.
A small investment will often generate disproportionately more incremental value and create a tangible connection that moves the business toward its goals. The catch is that the business needs have to be considered upfront during regulatory planning. Facing tight regulatory deadlines, it’s not intuitive for those charged with implementing to add any more scope than is absolutely necessary.
Sponsorship is key. Extracting this incremental value will require a change in the tone at the top in order to affect this shift in mindset and in doing so, start to unlock the broader business value.
As with any major transformation, this transition toward more value driven and sustainable data focus won’t happen overnight -- this is one more reason to start now.
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