Tag: data value

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erwin Expert Blog

The Unified Data Platform – Connecting Everything That Matters

Businesses stand to gain a lot from a unified data platform.

This decade has seen data-driven leaders dominate their respective markets and inspire other organizations across the board to use data to fuel their businesses, leveraging this strategic asset to create more value below the surface. It’s even been dubbed “the new oil,” but data is arguably more valuable than the analogy suggests.

Data governance (DG) is a key component of the data value chain because it connects people, processes and technology as they relate to the creation and use of data. It equips organizations to better deal with  increasing data volumes, the variety of data sources, and the speed in which data is processed.

But for an organization to realize and maximize its true data-driven potential, a unified data platform is required. Only then can all data assets be discovered, understood, governed and socialized to produce the desired business outcomes while also reducing data-related risks.

Benefits of a Unified Data Platform

Data governance can’t succeed in a bubble; it has to be connected to the rest of the enterprise. Whether strategic, such as risk and compliance management, or operational, like a centralized help desk, your data governance framework should span and support the entire enterprise and its objectives, which it can’t do from a silo.

Let’s look at some of the benefits of a unified data platform with data governance as the key connection point.

Understand current and future state architecture with business-focused outcomes:

A unified data platform with a single metadata repository connects data governance to the roles, goals strategies and KPIs of the enterprise. Through integrated enterprise architecture modeling, organizations can capture, analyze and incorporate the structure and priorities of the enterprise and related initiatives.

This capability allows you to plan, align, deploy and communicate a high-impact data governance framework and roadmap that sets manageable expectations and measures success with metrics important to the business.

Document capabilities and processes and understand critical paths:

A unified data platform connects data governance to what you do as a business and the details of how you do it. It enables organizations to document and integrate their business capabilities and operational processes with the critical data that serves them.

It also provides visibility and control by identifying the critical paths that will have the greatest impacts on the business.

Realize the value of your organization’s data:

A unified data platform connects data governance to specific business use cases. The value of data is realized by combining different elements to answer a business question or meet a specific requirement. Conceptual and logical schemas and models provide a much richer understanding of how data is related and combined to drive business value.

2020 Data Governance and Automation Report

Harmonize data governance and data management to drive high-quality deliverables:

A unified data platform connects data governance to the orchestration and preparation of data to drive the business, governing data throughout the entire lifecycle – from creation to consumption.

Governing the data management processes that make data available is of equal importance. By harmonizing the data governance and data management lifecycles, organizations can drive high-quality deliverables that are governed from day one.

Promote a business glossary for unanimous understanding of data terminology:

A unified data platform connects data governance to the language of the business when discussing and describing data. Understanding the terminology and semantic meaning of data from a business perspective is imperative, but most business consumers of data don’t have technical backgrounds.

A business glossary promotes data fluency across the organization and vital collaboration between different stakeholders within the data value chain, ensuring all data-related initiatives are aligned and business-driven.

Instill a culture of personal responsibility for data governance:

A unified data platform is inherently connected to the policies, procedures and business rules that inform and govern the data lifecycle. The centralized management and visibility afforded by linking policies and business rules at every level of the data lifecycle will improve data quality, reduce expensive re-work, and improve the ideation and consumption of data by the business.

Business users will know how to use (and how not to use) data, while technical practitioners will have a clear view of the controls and mechanisms required when building the infrastructure that serves up that data.

Better understand the impact of change:

Data governance should be connected to the use of data across roles, organizations, processes, capabilities, dashboards and applications. Proactive impact analysis is key to efficient and effective data strategy. However, most solutions don’t tell the whole story when it comes to data’s business impact.

By adopting a unified data platform, organizations can extend impact analysis well beyond data stores and data lineage for true visibility into who, what, where and how the impact will be felt, breaking down organizational silos.

Getting the Competitive “EDGE”

The erwin EDGE delivers an “enterprise data governance experience” in which every component of the data value chain is connected.

Now with data mapping, it unifies data preparation, enterprise modeling and data governance to simplify the entire data management and governance lifecycle.

Both IT and the business have access to an accurate, high-quality and real-time data pipeline that fuels regulatory compliance, innovation and transformation initiatives with accurate and actionable insights.

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erwin Expert Blog

Healthcare Data Governance: What’s the Prognosis?

Healthcare data governance has far more applications than just meeting compliance standards. Healthcare costs are always a topic of discussion, as is the state of health insurance and policies like the Affordable Care Act (ACA).

Costs and policy are among a number of significant trends called out in the executive summary of the Stanford Medicine 2017 Health Trend Report. But the summary also included a common thread that connects them all:

“Behind these trends is one fundamental force driving health care transformation: the power of data.”

Indeed, data is essential to healthcare in areas like:

  • Medical research – Collecting and reviewing increasingly large data sets has the potential to introduce new levels of speed and efficiency into what has been an often slow and laborious process.
  • Preventative care – Wearable devices help consumers track exercise, diet, weight and nutrition, as well as clinical applications like genetic sequencing.
  • The patient experience – Healthcare is not immune to issues of customer service and the need to provide timely, accurate responses to questions or complaints.
  • Disease and outbreak prevention – Data and analysis can help spot patterns, so clinicians get ahead of big problems before they become epidemics.

Data Management and Data Governance

Data Vulnerabilities in Healthcare

Data is valuable to the healthcare industry. But it also carries risks because of the volume and velocity with which it is collected and stored. Foremost among these are regulatory compliance and security.

Because healthcare data is so sensitive, the ways in which it is secured and shared are watched closely by regulators. HIPAA (Health Information Portability and Accountability Act) is probably the most recognized regulation governing data in healthcare, but it is not the only one.

In addition to privacy and security policies, other challenges that prevent the healthcare industry from maximizing the ways it puts data to work include:

  • High costs, which are further exacerbated by expected lower commercial health insurance payouts and higher payouts from low-margin services like Medicare, as well as rising labor costs. Data and analytics can potentially help hospitals better plan for these challenges, but thin margins might prevent the investments necessary in this area.
  • Electronic medical records, which the Stanford report cited as a cause of frustration that negatively impacts relationships between patients and healthcare providers.
  • Silos of data, which often are caused by mergers and acquisitions within the industry, but that are also emblematic of the number of platforms and applications used by providers, insurers and other players in the healthcare market.

Early 2018 saw a number of mergers and acquisitions in the healthcare industry, including hospital systems in New England, as well as in the Philadelphia area of the United States. The $69 billion dollar merger of Aetna and CVS also was approved by shareholders in early 2018, making it one of the most significant deals of the past decade.

Each merger and acquisition requires careful and difficult decisions concerning the application portfolio and data of each organization. Redundancies need to identified, as do gaps, so the patient experience and care continues without serious disruption.

Truly understanding healthcare data requires a holistic approach to data governance that is embedded in business processes and enterprise architecture. When implemented properly, data governance initiatives help healthcare organizations understand what data they have, where it is, where it came from, its value, its quality and how it’s used and accessed by people and applications.

Healthcare Data Governance

Improving Healthcare Analytics and Patient Care with Healthcare Data Governance

Data governance plays a vital role in compliance because data is easier to protect when you know where it is stored, what it is, and how it needs to be governed. According to a 2017 survey by erwin, Inc. and UBM, 60 percent of organizations said compliance was driving their data governance initiatives.

With a solid understand of their data and the ways it is collected and consumed throughout their organizations, healthcare players are better positioned to reap the benefits of analytics. As Deloitte pointed out in a perspectives piece about healthcare analytics, the shift to value-based care makes analytics within the industry more essential than ever.

With increasing pressure on margins, the combination of data governance and analytics is critical to creating value and finding efficiencies. Investments in analytics are only as valuable as the data they are fed, however.

Poor decisions based on poor data will lead to bad outcomes, but they also diminish trust in the analytics platform, which will ruin the ROI as it is used less and less.

Most important, healthcare data governance plays a critical role in helping improve patient outcomes and value. In healthcare, the ability to make timely, accurate decisions based on quality data can be a matter of life or death.

In areas like preventative care and the patient experience, good data can mean better advice to patients, more accurate programs for follow-up care, and the ability to meet their medical and lifestyle needs within a healthcare facility or beyond.

As healthcare organizations look to improve efficiencies, lower costs and provide quality, value-based care, healthcare data governance will be essential to better outcomes for patients, providers and the industry at large.

For more information, please download our latest whitepaper, The Regulatory Rationale for Integrating Data Management and Data Governance.

If you’re interested in healthcare data governance, or evaluating new data governance technologies for another industry, you can schedule a demo of erwin’s data mapping and data governance solutions.

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Michael Pastore is the Director, Content Services at QuinStreet B2B Tech.

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erwin Expert Blog

Financial Services Data Governance: Helping Value ‘the New Currency’

For organizations operating in financial services data governance is becoming increasingly more important. When financial services industry board members and executives gathered for EY’s Financial Services Leadership Summit in early 2018, data was a major topic of conversation.

Attendees referred to data as “the new oil” and “the new currency,” and with good reason. Financial services organizations, including banks, brokerages, insurance companies, asset management firms and more, collect and store massive amounts of data.

But data is only part of the bigger picture in financial services today. Many institutions are investing heavily in IT to help transform their businesses to serve customers and partners who are quickly adopting new technologies. For example, Gartner research expects the global banking industry will spend $519 billion on IT in 2018.

The combination of more data and technology and fewer in-person experiences puts a premium on trust and customer loyalty. Trust has long been at the heart of the financial services industry. It’s why bank buildings in a bygone era were often erected as imposing stone structures that signified strength at a time before deposit insurance, when poor management or even a bank robbery could have devastating effects on a local economy.

Trust is still vital to the health of financial institutions, except today’s worst-case scenario often involves faceless hackers pillaging sensitive data to use or re-sell on the dark web. That’s why governing all of the industry’s data, and managing the risks that comes with collecting and storing such vast amounts of information, is increasingly a board-level issue.

The boards of modern financial services institutions understand three important aspects of data:

  1. Data has a tremendous amount of value to the institution in terms of helping identify the wants and needs of customers.
  2. Data is central to security and compliance, and there are potentially severe consequences for organizations that run afoul of either.
  3. Data is central to the transformation underway at many financial institutions as they work to meet the needs of the modern customer and improve their own efficiencies.

Data Management and Data Governance: Solving the Enterprise Data Dilemma

Data governance helps organizations in financial services understand their data. It’s essential to protecting that data and to helping comply with the many government and industry regulations in the industry. But financial services data governance – all data governance in fact – is about more than security and compliance; it’s about understanding the value and quality of data.

When done right and deployed in a holistic manner that’s woven into the business processes and enterprise architecture, data governance helps financial services organizations better understand where their data is, where it came from, its value, its quality, and how the data is accessed and used by people and applications.

Financial Services Data Governance: It’s Complicated

Financial services data governance is getting increasingly complicated for a number of reasons.

Mergers & Acquisitions

Deloitte’s 2018 Banking and Securities M&A Outlook described 2017 as “stuck in neutral,” but there is reason to believe the market picks up steam in 2018 and beyond, especially when it comes to financial technology (or fintech) firms. Bringing in new sets of data, new applications and new processes through mergers and acquisitions creates a great deal of complexity.

The integrations can be difficult, and there is an increased likelihood of data sprawl and data silos. Data governance not only helps organizations better understand the data, but it also helps make sense of the application portfolios of merging institutions to discover gaps and redundancies.

Regulatory Environment

There is a lengthy list of regulations and governing bodies that oversee the financial services industry, covering everything from cybersecurity to fraud protection to payment processing, all in an effort to minimize risk and protect customers.

The holistic view of data that results from a strong data governance initiative is becoming essential to regulatory compliance. According to a 2017 survey by erwin, Inc. and UBM, 60 percent of organizations said compliance drives their data governance initiatives.

More Partnerships and Networks

According to research by IBM, 45 percent of bankers say partnerships and alliances help improve their agility and competitiveness. Like consumers, today’s financial institutions are more connected than ever before, and it’s no longer couriers and cash that are being transferred in these partnerships; it’s data.

Understanding the value, quality and risk of the data shared in these alliances is essential – not only to be a good partner and derive a business benefit from the relationship, but also to evaluate whether or not an alliance or partnership makes good business sense.

Financial Services Data Governance

More Sources of Data, More Touch Points

Financial services institutions are at the forefront of the multi-channel customer experience and have been for years. People do business with institutions by phone, in person, via the Web, and using mobile devices.

All of these touch points generate data, and it is essential that organizations can tie them all together to understand their customers. This information is not only important to customer service, but also to finding opportunities to grow relationships with customers by identifying where it makes sense to upsell and cross-sell products and services.

Grow the Business, Manage the Risk

In the end, financial services organizations need to understand the ways their data can help grow the business and manage risk. Data governance plays an important role in both.

Financial services data governance can better enable:

  • The personalized, self-service, applications customers want
  • The machine learning solutions that automate decision-making and create more efficient business processes
  • Faster and more accurate identification of cross-sell and upsell opportunities
  • Better decision-making about the application portfolio, M&A targets, M&A success and more

If you’re interested in financial services data governance, or evaluating new data governance technologies for another industry, you can schedule a demo of erwin’s data mapping and data governance solutions.

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And you also might want to download our latest e-book, Solving the Enterprise Data Dilemma.

Michael Pastore is the Director, Content Services at QuinStreet B2B Tech.

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erwin Expert Blog Data Governance Data Intelligence

Demystifying Data Lineage: Tracking Your Data’s DNA

Getting the most out of your data requires getting a handle on data lineage. That’s knowing what data you have, where it is, and where it came from – plus understanding its quality and value to the organization.

But you can’t understand your data in a business context much less track data lineage, its physical existence and maximize its security, quality and value if it’s scattered across different silos in numerous applications.

Data lineage provides a way of tracking data from its origin to destination across its lifespan and all the processes it’s involved in. It also plays a vital role in data governance. Beyond the simple ability to know where the data came from and whether or not it can be trusted, there’s an element of statutory reporting and compliance that often requires a knowledge of how that same data (known or unknown, governed or not) has changed over time.

A platform that provides insights like data lineage, impact analysis, full-history capture, and other data management features serves as a central hub from which everything can be learned and discovered about the data – whether a data lake, a data vault or a traditional data warehouse.

In a traditional data management organization, Excel spreadsheets are used to manage the incoming data design, what’s known as the “pre-ETL” mapping documentation, but this does not provide any sort of visibility or auditability. In fact, each unit of work represented in these ‘mapping documents’ becomes an independent variable in the overall system development lifecycle, and therefore nearly impossible to learn from much less standardize.

The key to accuracy and integrity in any exercise is to eliminate the opportunity for human error – which does not mean eliminating humans from the process but incorporating the right tools to reduce the likelihood of error as the human beings apply their thought processes to the work.

Data Lineage

Data Lineage: A Crucial First Step for Data Governance

Knowing what data you have and where it lives and where it came from is complicated. The lack of visibility and control around “data at rest” combined with “data in motion,” as well as difficulties with legacy architectures, means organizations spend more time finding the data they need rather than using it to produce meaningful business outcomes.

Organizations need to create and sustain an enterprise-wide view of and easy access to underlying metadata, but that’s a tall order with numerous data types and data sources that were never designed to work together and data infrastructures that have been cobbled together over time with disparate technologies, poor documentation and little thought for downstream integration. So the applications and initiatives that depend on a solid data infrastructure may be compromised, resulting in faulty analyses.

These issues can be addressed with a strong data management strategy underpinned by technology that enables the data quality the business requires, which encompasses data cataloging (integration of data sets from various sources), mapping, versioning, business rules and glossaries maintenance and metadata management (associations and lineage).

An automated, metadata-driven framework for cataloging data assets and their flows across the business provides an efficient, agile and dynamic way to generate data lineage from operational source systems (databases, data models, file-based systems, unstructured files and more) across the information management architecture; construct business glossaries; assess what data aligns with specific business rules and policies; and inform how that data is transformed, integrated and federated throughout business processes – complete with full documentation.

Centralized design, immediate lineage and impact analysis, and change-activity logging means you will always have answers readily available, or just a few clicks away. Subsets of data can be identified and generated via predefined templates, generic designs generated from standard mapping documents, and pushed via ETL process for faster processing via automation templates.

With automation, data quality is systemically assured and the data pipeline is seamlessly governed and operationalized to the benefit of all stakeholders. Without such automation, business transformation will be stymied. Companies, especially large ones with thousands of systems, files and processes, will be particularly challenged by a manual approach. And outsourcing these data management efforts to professional services firms only increases costs and schedule delays.

With erwin Mapping Manager, organizations can automate enterprise data mapping and code generation for faster time-to-value and greater accuracy when it comes to data movement projects, as well as synchronize “data in motion” with data management and governance efforts.

Map data elements to their sources within a single repository to determine data lineage, deploy data warehouses and other Big Data solutions, and harmonize data integration across platforms. The web-based solution reduces the need for specialized, technical resources with knowledge of ETL and database procedural code, while making it easy for business analysts, data architects, ETL developers, testers and project managers to collaborate for faster decision-making.

Data Lineage

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erwin Expert Blog

Every Company Requires Data Governance and Here’s Why

With GDPR regulations imminent, businesses need to ensure they have a handle on data governance.

Continue reading “Every Company Requires Data Governance and Here’s Why”