Global Outlook 2024 Report

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Taming the Data Sea

Feeling awash in a sea of data? You’re not alone. Data has become ubiquitous. We collect it, store it, sort it and try to make use of it. Regulators and investors demand it. Many organisations feel overwhelmed by it. Fortunately, it is possible to tame it. 

A recent survey of asset managers globally by Northern Trust and the Economist Intelligence Unit (EIU) found that, on the whole, the industry has capitalised on the explosion of available data, but some firms are benefiting significantly more than others.  In fact, only 13% of managers surveyed felt that their data strategy was entirely successful in helping meet business objectives.

Two factors seem to set apart managers who are capitalising on data vs. those who are drowning in it:

  •  A documented and flexible data strategy tied directly to business goals
  • The presence of effective and informed senior leadership to shape and implement that strategy

So how can managers create a data strategy that helps them meet their business needs? In our recently published white paper, Northern Trust draws on best practices and our experiences with clients to outline five essential questions you should answer when developing a data strategy:

  • Who’s in charge?  Success requires senior leadership with the ability to work with the entire organisation.
  • What do we want to achieve?  Data for data’s sake doesn’t work.  A strategy must be directly linked to specific, measurable business goals.
  • Which data is the right data?  Not all data is equally valuable.  Identifying which data is most important for your objectives helps you prioritise effectively.
  • What systems do we need? Business should lead systems development in consultation with IT.
  • What cultural/organisational changes are needed?  A new data strategy will change how your organisation does business. Addressing the effect on people and processes is essential to successfully implementing your plan.

To learn more about how you can build a best practice data strategy, read the full white paper or contact Serge Boccassini, Senior Vice President for Institutional Product Solutions, at +1 312 557 2863.
 

 

DISCLAIMER TEXT:
© 2017 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit www.northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited; Northern Trust Securities LLP. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. The Northern Trust Company of Saudi Arabia – a Saudi closed joint stock company – Capital SAR 52 million. Licensed by the Capital Market Authority –License No. 12163-26 – C.R: 1010366439. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

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