Time to Digital Leapfrog Your Enterprise Data Management
The year 2020’s pandemic crisis was initially compared to the 2008 financial crisis, even to the 1929 depression, however, within weeks, experts from every field acknowledged that this crisis is unprecedented. The rapid decline in consumer activity, market volatility, uncertainty regarding health and wellbeing, and the threat of economic recession have never been experienced at the same time, and at such a scale, ever before. Organizations want to make sure that they are better prepared to handle such a crisis in the future. There will be fundamental changes to how businesses operate. It may serve as a wake-up call to challenge traditional thinking in the long-run. When time is at a premium, even the developing countries are expected to make drastic technology infrastructure upgrades to capture, transfer and digitize data, especially pandemic-related intelligence data.
Enterprise Data Management
A survey of North American investment management firms revealed that a mere 4% of investment managers are very satisfied with their current data management approach. Even though 3/4 of respondents indicated that their EDM initiatives had a positive impact, very few confirmed that they were able to see direct data cost savings or a reduction in operational costs as per their targets. Since financial institutions are global, there are additional complexities that need to be dealt with.
High volatility has led to unprecedented growth in the data processing volumes, resulting in breaks and delays. One of the mid-term impact areas post-Covid will be the exponential increase in mergers and acquisitions, resulting in an explosion of unstructured
data related to corporate actions processing. Today, asset servicing firms and asset managers are revisiting the value chain, accelerating cost savings, and evaluating new revenue streams.
Top areas that will see maximum impetus in EDM space post-Covid:
Immersive customer experience
When it comes to self-service models, asst servicing and management will see the highest adoption. Currently, touchless and immersive customer experiences are limited to the retail industry, this will expand to other industries as well.
Touchless and immersive customer experience will no longer be the domain of retail industry. Services like Digital KYC, digital trade orders, opening of new accounts and portfolios, or fund subscriptions via online mediums will spread faster than earlier estimates. A push for real-time availability of analytical data would lead to advanced models that may have extended data points like community health data and government policies across countries and industries as part of existing impact analysis models.
Accelerated cloud adoption
Cloud adoption will be imperative as digital and online solutions become the norm. Cloud solutions provide the elasticity, scalability, and operational efficiency crucial for ensuring business performance. Organizations will look to private, public, or hybrid clouds to balance compliance with efficiencies. Further, organizations that have not invested in on-premise EDM will plan to evaluate and adopt cloud based EDMs for bringing in operational efficiencies and accelerating digital transformation.