We look to the future in the part 2 of our podcast series, planning for long-term data confidence, discussing not only what the industry is likely to look like in years to come but what it should look like. Answering questions such as how we can augment the best of humanity and the best strategies for companies updating their infrastructure.
Part 2: Planning for long term data confidence
Low value data entry or access work that can be outsourced is not the only challenge. You have high-value (and expensive) specialists in the front and middle office working with spreadsheets involved in manual workarounds and eyeball checks for poor data quality.
Only investment in infrastructure across functions/applications can modernise our industry, and that needs board level initiative and prioritisation to avoid the ad hoc or ‘project by project’ approach. Point solutions are not the answer; we need to lift the whole organisation to a new level.
Nobody wants to write a blank check for infrastructure. But the roadmap starts with data – and with an incremental approach. The big bang approach is not needed. The roadmap to a better place is rooted in high quality data and alignment with business value. The missing piece is the strategic vision – data integrity is an enterprise commitment. Firms need to establish a home for all projects which sets standards and ensures things are aligned where they need to be.
We can help firms realise the art of the possible. First, accept the importance of high quality and establish that point solutions cannot deliver – and that an infrastructure is needed. It is at that point that specific use cases and proof points can show firms how to bridge from the ‘right here right now’ to a more strategic and future-proof approach. That can be a regulatory data quality requirement, or an operations area with high exception rates – wherever the specific pain is.
What does the industry really need to look like in the years to come? How can we augment the best of humanity? We talk about augmented reality, but what we are talking about here is augmented humanity. How can we use systems and processes to help the human be more human? The real goal is to transform the human from the weak link in the operations chain to the critical link in judgment and value-creation.