How does the asset management industry adapt and thrive in the age of digital disruption? In an upcoming series of Olmstead Insights focusing on Digital & Data-Driven Asset Management, we will explore the critical role data plays at the heart of the digital transformation.
Data is the “fuel” of the digital age and asset managers that embrace the digital and data revolution will have a significant advantage. At Olmstead we refer to these firms as “data-driven asset managers” with the following traits:
- Strategic: business strategy and data strategy aligned (business objectives drive data solutions)
- Accessible: quick and easy access to existing data plus rapid onboarding of new datasets
- Actionable: use data, analytics, KPIs, and dashboards to drive decisions and business outcomes
- Foundational: build solutions from high quality data (single source of truth, governance, MDM)
- Cultural: data providers and consumers collaborate and share challenges and solutions
How do asset managers become "data-driven?"
The journey starts with business strategy and a change of attitude around data. No longer is the data platform just another operational expense as it will now play a significant role in a business-driven data strategy. For the data-driven transformation to succeed it will need strong leadership support and a strategic business objective. Solving legacy data problems with legacy technology solutions takes considerable time, is expensive, and creates a lost opportunity. Leveraging the many advances in data technology (big data, cloud, ELT, data lakes, etc.) will result in a scalable data platform to solve current challenges and position you for future business opportunities.
In a series of upcoming Insights, Olmstead will explore the benefits, challenges, and solutions to becoming a data-driven asset manager. Be on the lookout for topics that will include:
- Meeting the needs of the new “data empowered” employee
- Determining if your data platform supports your objectives to generate alpha and increase sales?
- Data Governance should be renamed Data Empowerment
At Olmstead, we specialize in helping asset managers become data-driven by leveraging our strategic approach and pragmatic execution. We provide data strategy, data governance, and data solution services for full enterprise transformations or tactical data delivery solutions.
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