When discussing data management, one speaker at The Network Forum in Athens, described it as “simplicity is the ultimate sophistication”.
When asked what trends there are around data management, the panellist explained that clients are trying to simplify their model.
They explained: “It is important to note that outsourcing your data management problems will not solve data management problems and can actually make things more complicated.”
“Data management is critical and it is all about governance and if you need to have a configurable data model.”
In terms of how technology can help with coping with the abundance of data, the panel discussed machine learning and artificial intelligence (AI).
Although, one panellist highlighted that machine learning and AI are “completely useless” without good data and the quality of the data is what is really important.
This was echoed by another speaker on the panel who noted that AI doesn’t require knowing or understanding the data, it just requires the data to be knowable.
Another member of the panel said: “I think it is an exciting time in the industry, the shape of data is changing. Challenges are forcing organisations to look at data differently.”
The speaker cautioned: “But if the organisations don't get the basic fundamentals right they are going to miss out on the capabilities that will drive their peers to greater efficiencies, and the shelf life of technology is incredibly short.”
Later in the panel, one speaker commented: “We are one of the most regulated industries and
this is why we are asked by clients to co-construct solutions based on data and technology to work this out.”
“I am seeing a good balance from innovation coming from fintechs, and in terms of innovation, the sky 's the limit… but you need to look at your budget and you need to focus on what is important for your clients”, the panellist advised.
