Enterprise Data Architecture Strategy Yields Data Monetization Opportunities
Sagence’s expertise in enterprise data architecture helped a financial service utility company align their data architecture with business objectives, eliminating data silos and identifying data monetization opportunities.
Our client is a premier financial service utility company that provides clearing and settlement services to the financial markets. With a global trade repository that records more than $500 trillion in gross notional value of transactions made worldwide, the company struggled with siloed data that worsened after several mergers and acquisitions and regulatory requirements. Along with unclear data management responsibilities and limited standards, the data silos contributed to frequent misunderstanding and misuse of data throughout the enterprise. This led to inefficiencies and significant storage costs that impacted the customer experience. The company sought to aggregate data platforms and commoditize data to meet the increasing demands from multiple business areas.
Sagence developed an enterprise data architecture strategy and roadmap to provide a more efficient data model. We first created a detailed view of the current state enterprise data architecture by researching, analyzing, documenting and interviewing key stakeholders across the organization. After identifying gaps in the existing architecture, we focused on solutions that would address our client’s unique set of data challenges. These solutions formed the foundation of our implementation roadmap and included data technology guidance and patterns, data discovery (metadata) architecture, data management architecture and data utility blueprints. Beyond developing a “90-day plan” and charters for projects establishing enterprise data architecture concepts and patterns, we created operating principles for the EDA function and stakeholders responsible for adopting the future state architecture.
The roadmap we developed played a significant role in setting data standards across the enterprise. Notably, our work formalized lifecycle deliverables to resolve ambiguity on redundant tools and technologies, raised awareness on available capabilities throughout the organization, helped define key data elements and enabled data governance processes. Our efforts also spurred substantial data monetization product line opportunities for the firm, in addition to raising customer experience for the company’s existing financial services clients.