Since the emergence of big data, investment firms have never been data-poor.
FREMONT, CA: It is no surprise that business data solutions are supporting trading decisions with their ability to process large amounts of structured and unstructured data and gives insightful analysis. But the vast amount of data often makes it difficult to manage and organize, and the solution lies in knowing how to structure this sheer volume of data.
Data in vast quantities alone will do nothing to better investment strategy, but when coupled with technology, it can create wonders. So it is essential to develop knowledge-based processes within the organization that will navigate data strategy. Understanding who uses data, the decisions that are made based on data and the time taken for the decision-making process will determine the kind of data to capture, and ways to organize it and share it.
In creating the data strategy, it is good to involve every function and department within the organization that helps in understanding what data they collect and use, and how that data could impact or be of value to other groups. With this, there is a clear picture of what information should become a shareable data set. This is easier to do at the outset, rather than realizing later that additional data sets need to be integrated.
Data governance is more than merely defining the information architecture but includes input from key stakeholders within the organization. It demands to develop a governance strategy that addresses issues of privacy, compliance, access, structure, and analytics within the greater context of the business objectives to be achieved through the use of data.
Direct relationships between data point only yield a small portion of the potential insights from data. It is critical that the data strategy explore and consider even more distant interrelationships between information, that is a spider web approach. By examining data within the context of other data, organizations will be able to unlock new insights.
Keeping an eye on possibilities to take advantage of data will ultimately help organizations compete in the market.