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ReadersSpeak

Fixing FI data management "Financial organizations need imme-
A mnon Drori, CEO of Octopai (https://bit.ly/38aqMjW) decisions about where to take the
diate access to accurate data to make

business. With so much data scat-
sent this perspective about improving data manage-
tered throughout so many different
ment for financial institutions (FIs):
expedition for business intelligence
"Handling data has been a long-time tricky proposition for FIs. The challenge systems, it becomes a never-ending
is keeping a vast amount of diverse data secure and private in such a fast-paced (BI) and analytics teams to find their
and heavily regulated industry while simultaneously optimizing the business data. Previously, these teams would
from all of the 'intelligence' data can provide. waste more than 50 percent of their
time manually locating data. They
have to rely on manual processes to
comb through different data sets, re-
ports, table views and sources to col-
lect what is needed.

"Automation of metadata manage-
ment, specifically automated data
lineage and data discovery, is key to
address these inefficiencies. Meta-
data management automation cre-
ates the ability for BI teams to search
for and find where data is located
in a few seconds. In addition, auto-
mation is applied on the entire data
landscape to create a 'single source
of the truth' for the entire organiza-
tion. These capabilities have become
critical needs for FIs. Data can be
found and used quickly and easily
despite its sensitive nature and the
strict regulations placed on it.

"When FIs need to track and mea-
sure governance, deal with cyber
threats and fraud in real-time, and
easily meet regulatory requirements,
centralized and automated metadata
management cut the data discovery
and lineage process time significant-
ly (approximately 80 percent).

"Data becomes easily locatable and
traceable and inaccuracies become
a thing of the past. Leveraging au-
tomation allows FIs to get the full
story on their data. In today's com-
plex world of data and analytics, the
successful hunting and gathering of
what is available is best served by
a centralized, automated metadata
management solution."
Share your expertise

Thank you to Amnon Drori for shar-
ing his views on this page. Do you
have industry knowledge? Let us
know at greensheet@greensheet.com.

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