BUSINESS SITUATION
The client faced significant challenges related to data fragmentation & inconsistency, redundancy, and poor data quality across various systems and departments. These issues resulted in suboptimal decision-making, operational inefficiencies, and compromised customer experiences. It became evident that a holistic approach to data management was necessary to overcome these challenges and unlock the true value of data assets.
SGA APPROACH
Our client embarked on a comprehensive data management initiative encompassing three key components: MDM implementation, data quality enhancement, and data operating model design. SGA team front led this initiative and worked closely with the enterprise data management group to improve operational and process efficiencies. This was done through:
- Establishing a new robust and scalable enterprise-wide data operating model that provides managed data throughout the data lifecycle.
- Building enterprise-wide MDM platforms that can manage client/accounts, products, securities, transactions & associated reference data.
- Implementing effective governance and controls across the assets in the firm.
ENGAGEMENT
The team at SGA worked as an extended arm for the client on the Master Data Management program –
BENEFITS & OUTCOME
- Conducted workshops with various LOBs to understand and document their current as-is data operating model. In continuation, designed & implemented a to-be state operating model while helping various LOBs to adopt the proposed UxM (universal masters) as the center point of production.
- Streamlined data management processes, standardized data formats, and efficient data governance practices increased operational efficiency.
- Implemented measures to eliminate redundant data entry efforts, several of the manual processes were automated, and data-related bottlenecks were reduced.
- The implementation of MDM and data quality enhancement directly impacted both internal & external customer experiences. With accurate and consolidated customer data, the company delivered personalized, consistent, and seamless experiences across touchpoints.
- The implemented solutions provided scalability and adaptability in managing data. The MDM solution allowed for the easy integration of new systems and accommodated future growth. The data operating model design ensured flexibility to adapt to changing business needs, enabling the organization to effectively manage evolving data requirements.
KEY TAKEAWAYS
- Managed the availability, usability, integrity, and security of data, thereby enabling effectiveness.
- Management of data assets, compliance with regulations, and reduction of risks associated with data.
- Build re-usable ETL functions and components using ETL tools to replicate and replace the current proprietary UDTs within data operations.
- Enabled data availability from 100+ legacy applications across 19 LOBs into the data lakes/masters for on-demand consumption.
- Delivered 30% operational and process efficiency by improving data availability and accuracy.
