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Data management processes 'important to financial sector'
Aug 9 2010, 10:29 AM
Having effective data management strategies is especially important for companies operating in the financial services sector.
This is according to an article on the Finextra website, which pointed out that accurate data is the foundation for evaluating credit successfully and making financial forecasts.
It added that the growing amount of information being stored by financial institutions means it is "imperative" they invest in data management processes.
"This investment can be of high value, touching many points in the enterprise for purposes of managing credit, marketing, segmenting, managing risk, establishing capital goals and stress testing," the article stated.
It went on to suggest that banks can differentiate themselves from their rivals through having data management schemes in place that allow stored information to be retrieved more efficiently.
Last week, OCDQ blogger Jim Harris pointed out that poor data quality can negatively impact upon enterprise information that is critical to decision-making.
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