Whether it’s revenue-cycle management in healthcare delivery or back-office forms administration in financial services sectors, the process of getting usable data out of desktop silos and into secure cloud warehouse continues to creep along. But really, folks, it must get handled.
The shared anxiety around data risk will unify leadership and IT teams as the new crop of solutions enable simpler administration, transparent governance, and agile collaboration.
The movement will be further accelerated as more entities are seeing elastic cloud architectures as the mainstay of big data and intelligence standardization decisions. In fact, this will become the litmus test for Chief Data Officers and CTOs: if the solution doesn’t have a built-in elastic architecture, it won’t be fully deployed.
Here’s another thing: in general, we will see a major movement to adopt cloud data storage in the financial service industry. In fact, one of the top five financial institutions will announce a cloud-first or cloud-only IT philosophy –adopting one or more of the big three players.
If the CIA is doing it, why can’t the banks?
Adapt, die, or outsource?
Data preparation will be a critical capability of subject matter experts who, traditionally, relied on others to get data ready for them. In order to transform data into information on demand, people doing risk analysis, customer targeting, security monitoring, marketing, or sales operations will need the necessary skills and tools to handle self-service data preparation at scale.
Across all of these changes in how we manage our data assets, we see outsourcing the ETL process and teaming with talented analyst groups as practices that will cost-effectively accelerate your big data and analytics priorities. Outsourcing is now mainstream.
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That’s all for today, but please stay tuned to this Management Information Analysis and our Planning Analytics blog channels for more actionable insights.