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Eyes on Data: Importance of Data Governance When Implementing AI/ML

Artificial Intelligence (AI), Machine Learning (ML) and Large Language Models (LLM) have turned the world on its head. From finance to manufacturing to pharmaceuticals to retail, every industry is jumping on the AI/ML bandwagon. And for good reason. AI/ML has the ability to improve efficiency, drive automation, and shorten delivery cycles. AI/ML applications can absorb and report on massive amounts of data that would take the average analyst days if not weeks or months to sort through and analyze. Overall, AI/ML will help the decision-makers make better decisions in shorter periods of time.

Read the full article on The Data Administration Newsletter

WatersTechnology: Amid tightening regulatory pressure, good data governance is key

For Sumanda Basu, head of data quality and data domain lead at Societe Generale Americas, the 2008 global financial crisis was the “initial mandate” for banks to reassess their data governance. Fifteen years and several landmark regulations later, banks are actively managing their strategies and policies to stay compliant and on top of their data.

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Eyes on Data: An Approach to Measure Data ROI

Justifying any significant business investment is challenging. For data managers, the struggle is especially familiar. The difficulty is convincing decision makers to invest in data when measures of data’s value either do not exist or feel too ambiguous to estimate.

As digital transformation accelerates, interest in frameworks for linking data to monetary measures grows. Connecting data and value requires an approach of “treating data as an asset.” Through wide industry collaboration, the Data ROI Working Group of EDM Council has collaborated to define a three-step framework for how organizations can advance the concept of treating data as an asset by measuring, managing, and creating value from data.

Read the full article on The Data Administration Newsletter

EDM Council welcomes McDonald’s Corporation as its newest member

Behind McDonald’s Corporation Golden Arches is a global community of crew, farmers, suppliers, franchisees, and countless others who make up who we are as a brand. It’s the entire McFamily that makes McDonald’s what it is today and what it’s been for over 65 years.

Across our business, we strive to lift up the communities we’re in. We do it through our purpose, to feed and foster communities. We do it through our growth pillars, which focus on integral areas of our business. We do it through our leadership, with a team that will move our brand forward.

For more information: click here

Oesterreichische Nationalbank joins the EDM Council

Oesterreichische Nationalbank is the central bank of the Republic of Austria and as such an integral part of the European System of Central Banks (ESCB). The OeNB contributes, in the public interest, to monetary and economic policy decision-making in Austria and the euro area. In fulfilling this role, the OeNB is independent and not bound by any instructions. The OeNB adheres to the guiding principles “stability and security.”

Its core business areas are cash management, monetary policy, financial stability, statistics, and payments. An organization committed to diversity and sustainability, the OeNB also promotes the sciences and research, and it supports cultural activities.

For more information: click here

Anomalo joins the EDM Council

Anomalo automatically detects data issues and understands their root causes, before anyone else. Connect Anomalo to your Enterprise Data Warehouse and begin monitoring the tables you care about within minutes.

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EDM Council welcomes First Interstate Bank as its newest member

First Interstate Bank is a community bank headquartered in Billings, Montana. With more than 300 branches across Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming, they’re dedicated to helping these diverse communities reach their greatest potential—answering the needs of residents and businesses with practical financial solutions while supporting communities through business development and philanthropy.

For more information: click here

Eyes on Data: The Elevated Role of Data Management and the CDO

The role of the Chief Data Officer (CDO) or the Chief Data Executive continues to gain relevance and importance in today’s corporate C-Suites across all industries. The EDM Council, the global non-profit professional trade association that focuses on data management best practices, recently published their 2023 Global Data Management Benchmark Report in which the trends of the industry and the growth of the Chief Data Executive were studied.

Read the full article on The Data Administration Newsletter

Waters Technology: Putting a price on your head (of data): The ROI of a CDO

EDM Council In the News: Waters Technology

The chief data officer has become recognized as a key role in a financial firm’s ability to manage its data assets, and reduce costs and risk. So why is it also so notoriously short-lived?

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Read the full article by Max Bowie, featuring EDM Council, the Data ROI project and working group, DCAM, CDMC and more in Waters Technology (subscription required).

Video Interview | The CDO Is Coming Across as an Important Business Function

Click here to watch the interview

John Bottega, President of the EDM Council, speaks with Caroline Carruthers, Chief Executive at Carruthers and Jackson, in a video interview about establishing data management programs across industries, the changing CDO role, data literacy, and trust.

According to the Fifth Global Data Management Benchmark Report, 84% of all respondents said their firms established or are establishing a data management program. Speaking on the importance of such a report for any organization, Bottega says that to be able to survive in a digital world, organizations have to understand their information. Industries are now more cognizant of data and following the best management practices.

In addition, he notes that other verticals are implementing modern data management more strategically due to the opportunities to improve their businesses, offer better products, and understand markets.

Bottega continues, speaking about the expanding Chief Data Officer’s role. He says early CDOs had to explain their role in their organizations. Today, senior data executives are in the C-suite, with more CDOs reporting to the COOs and CEOs of organizations. He adds that the CDO role is increasingly becoming an essential business function.

Sharing his views on data management versus data governance, Bottega says that data governance is an element of data management. Organizations that lead with data governance may not be successful because no one wants to be told what to do. He says that success comes from speaking about the benefits of data management and the opportunities it can deliver, and then explaining that there is a set of policies and rules that must be followed.

Regarding data literacy, Bottega defines it as the awareness of the value of the data asset and its impact on the organization and society as a whole. The lack of general understanding of the importance of data can damage the data supply chain and, in turn, the integrity of information.

Bottega explains that data leaders can gain and deserve trust by developing the maturity to ensure the integrity of data and its proper use. The responsibility includes overall data protection to ensure the information is not compromised or stolen. He adds that data management presents an opportunity to utilize analytics responsibly and without misusing the results.

Highlighting some of the upcoming trends in the data space, Bottega mentions the following:

  • The commercial side of data management will continue to strengthen and grow, enabling companies to be stronger.
  • The importance of ESG and sustainability. Professionals must identify information and ensure it is trusted and actionable to have consistent data standards.
  • Data for good, combating financial crime, human trafficking, etc.