It’s time to treat data as an asset, not a liability, according to a panellist at this year’s FundForum in Copenhagen.
In a panel, which looked at data as a differentiator, a representative from Ernst and Young, discussed strategies for supporting business growth through the use of data.
He said: “Data and analytics underpin the new technologies that are transforming global businesses. Wealth and asset managers are investing heavily in technology to meet increased client and regulatory expectations which are predicted through the effective management, ownership and governance of data.”
He also explained that the industry is beginning to realise that there’s “a data hygiene factor, it’s worth spending money on to help bring down other costs”.
The speaker further indicated that the right culture is needed to achieve this.
He said: “We need to have a culture where people realise the value of data and how it can change the business and formats. You need to bring managers and CEOs with the right mindset, together with the right people in operations and technology who have a similar mindset. However, those people are difficult to find.”
“Question what analytics you can provide which differentiates your business. If you’ve got valued data as an organisation, that’s the basis. Right now, operationally you may not be perfect, but data will help your operations to reach that level of improvement. And if your customer data is bang on, it’ll be the most valuable asset of your organisation.”
