Enterprise data management (EDM) is a critical function for investment firms today. It involves collecting data from multiple sources, validating the data to present the “gold copy,” and distributing the information to key stakeholders in a timely manner. In the digital era where data is everywhere and everything happens at warp speed, EDM is becoming increasingly complex—and increasingly vital to business outcomes for asset managers.
Yet effective EDM depends on effective workflows—a series of connected process steps that encompass operations and decisions carried out by a person, group or multiple teams. The result is a validated unit of data fit for public consumption. Simple or automated, workflows vary in scope and complexity. But to truly support an investment firms’ business needs—and make the most of EDM systems—workflows need to be designed, developed and managed through a rigorous, highly structured approach.
Getting workflows right
Here are four ways investment firms could improve EDM workflows to meet today’s pressing data demands:
- Design with end users in mind. Involving end users early is key. Each workflow needs to be designed and written for how it is actually performed, not how the IT team perceives it to be.
- Explore the power of storyboards. Instead of focusing on the precise layout of screens in the user interface, this technique uses simple, cartoon-like panels to map out and describe the workflow.
- Test, test and test again. A testing plan should be formulated during the design and development process, and the testing team should be completely independent of the development team.
- Strengthen workflow management. An appropriately designed EDM solution could meet the business needs of simple and complex workflows and support monitoring and traceability that data governance and stewardship principles demand.
Leveraging Accenture’s deep EDM solution knowledge, we could assess your current data challenges through the lens of the business and deliver actionable recommendations. Our experience delivering numerous advanced workflows across a wide variety of use cases enables our team to help enhance a platform’s benefits and reduce its constraints. Our deep EDM solution knowledge could yield results that meet your firm’s enterprise data management goals. Interested in taking the next steps with EDM? Please get in touch.