Live Blogging - TSAM North America 2009 - Part 3
11:45am - Following the panel on data quality management, Loretta Mock and I caught up with panelist Ronan Brennan, CTO of MoneyMate, to get his insight on some of the topics raised in the panel discussion.
LM: What was the most important point that was discussed in the session?
RB: Ownership, definitely - implementing a data quality ownership framework, and within that, identifying the right owners at the right levels.
LM: Do you agree that ownership is the key to success?
RB: Yes, at MoneyMate, that's our philosophy as well. If i"m going to build a dataquality initiative, the first thing I need is a steering group or a Data Czar. Companies are realizing that the quality of information givento the sales team and to clients is very important. There is a definite negative impact when you have bad information - it affects the bottom line.
The core thing that came across in the panel was if you aregoing to build a quality initiative, make sure you get the ownership right.Make sure originator of data is forced to take ownership of that data. There should also be a feedback loop inbuilt into the process, so that people downstream only receives correct information.
Also, C-level people must accept quality as an issue. One person or a steering groupapplies the process and owns the quality within a company.
LM: What else is important to know regarding the ownership process?
RB: You don't want internal oversight to take ownership - it's not good enough.It is essential that the originator of the data must be responsible. Information pervades a businessso quickly - it gets out there and can't control it. Thus, you need to have control of the process from the outset.
LM: How does this relate to the sales process?
RB: A sales person must have confidence in the information he or she gives gives to the customer. My reputation is at stakewhen I provide inaccurate information - I lose confidence in the process, I could even leave the company, for example. If the sales team has no confidence in the data, inflows will definitely be affected. Customers will feel the impact, and when things are moving inthe wrong direction, you have a problem.
Data is crucial to reputation of company and its sales people.
MoneyMate is a specialist provider of fund data management services to the global asset management community. They work with senior Marketing and Operations executives in global asset management companies, and clients include JP Morgan and Schroders Investment Management.comments powered by Disqus