Digital acceleration: How to build a robust enterprise data framework

Pierre Kovacs
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Pierre Kovacs: Senior Vice President, Endava, UK

Journal of Securities Operations & Custody, 2023, vol. 15, issue 3, 218-227

Abstract: This paper addresses data as a corporate asset that needs to be protected, but also shared and made accessible. The paper recognises data's role as the bedrock of the analytics that drive business decisions and that should be gathered routinely during normal, transactional operations. The paper acknowledges that the volume and sources of data and its users are diverse, global and continue to multiply. This, in turn, identifies the need for flexibility to design and develop a scalable model for data management that will support future growth and risk management capabilities. This paper outlines how to build a data framework, recognises the scale and complexity of the problem and recommends courses of action. These recommendations include data scoping, awareness of context, the wider macro trends and pressures, goal definition and the need to be outcome led. The paper further identifies that although most firms are already at some stage of their digital journey, there is no real ‘end goal’; it is a constant process. To successfully build a robust enterprise data framework, it therefore becomes crucial to work diligently and understand the steps required. The paper discusses approaches, pitfalls and the constantly evolving solution landscape. The paper concludes that the journey to a robust data management framework is complex, but, through embracing digital acceleration, it is possible to gain the competitive advantage to which the framework aspires.

Keywords: data strategy; enterprise data framework; data programme; data management; risk management; digital acceleration (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2023
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