UK: Data Management Services: Addressing All Elements Of Your Data From The Roots Up.

Last Updated: 30 May 2007
Article by Deloitte Audit Group

Most Read Contributor in UK, August 2017

Corporate Liability Or Corporate Asset?

The Importance Of Data Management

"Ultimately, poor data quality is like dirt on the windshield. You may be able to drive for a long time with slowly degrading vision, but at some point, you either have to stop and clear the windshield or risk everything."

Every organisation depends on reliable data. Managed well, it will drive revenues, reduce costs and mitigate risk. Managed poorly, it can lose customers, inflate costs and expose businesses to unbounded levels of risk.

Today’s ‘information economy’ expects data to support deeper performance insights, enhanced customer experiences and better decision making, but all too often the data is unreliable, unintelligible and out of control. The growth of information is not keeping pace with the growth of data.

Despite this, the demands that are made of data continue to rise – an explosion of data dependent regulatory obligations; mergers and acquisitions based on the promise of process and system synergies; the ‘always on’ customer service culture.

Deloitte’s Data Management team deliver a series of related services that can address the many challenges associated with data, ranging from specific spreadsheet reconciliations through to defining data governance structures. Our services are built on the recognition that each client situation is unique, requiring a different blend of skills, experience and approach to unlock the real value of data, no matter how the challenges may be presented.

Data management can help transform data from a corporate liability to a corporate asset.

The data challenge – why is it getting harder?

Corporate Growth

Expansion, mergers and acquisitions, restructuring

Compliance

Basel II, SOX, privacy legislation

Complexity

Proliferation of enterprise data systems such as CRM, ERP and BI

Data Diversity

Multitude of new formats, many lines of business

Data Decay

Data is volatile – customer data deteriorates by up to 25% per annum

Data Denial

Most organisations do not understand the scale, nature or location of data problems

Technical Drivers

New platforms, applications

Economic Drivers

Data is expected to deliver competitive advantage

Our Approach

Deloitte’s approach to data management has three dimensions that uniquely combine to deliver business value. It is founded on many years of experience assuring and advising technology implementations and the recognition that successful data management is much more than simply integrating technology.

Data Risk Management – providing data assurance in the form of investigations, reconciliations, reviews and assessments.

Data Governance – creating the policies and identifying the people who govern the retention and disposition of all corporate information to build the framework for a data-driven enterprise.

Data Management Technology – selecting, implementing, integrating and applying the technology required to ensure effective data management.

Though the focus of any individual data management initiative may be defined by a single dimension, success will require the integration of all three. At the heart of these dimensions is the interaction that defines a successful initiative – one that recognises that only by considering the risk, the governance and the technology will you be able to manage data successfully.

Our unique ‘three dimensional’ approach to delivering data management runs through all the services we provide. The services we offer to our clients are as varied as the challenges of data itself. The following list illustrates some of the broad categories of support we can provide but is by no means exhaustive.

Our services

Data Governance – managing the demands of regulatory compliance

Data governance defines the policies and identifies the people who govern the retention and disposition of corporate information. The legislation of recent years has put data governance firmly in the spotlight with Sarbanes-Oxley, sanctions screening, data protection and more, driving regulators’ focus on the data management process and associated controls.

Deloitte’s Data Management team includes regulation subject matter experts to help our clients understand both what data governance is expected and how this can be achieved.

Data Mining – making data intelligent

Data mining describes several techniques used to uncover the hidden information contained within ostensibly low value and voluminous data. Its applications are many and varied ranging from fraud detection to predicting customer spending patterns; from forensics accounting to security management.

The principal techniques used in the Data Management team include:

  • Data visualisation
  • Cluster/factor analysis
  • Propensity modelling
  • Decision trees
  • Artificial neural networks

Data Migration – 9 out of 10 data migrations fail

Whether you’re implementing new systems or improving old ones, your data will need to be migrated – and odds on, it will fail. Why? Because most organisations set out on this journey without a map or with a map that is wrong – the source data is not fully understood, manual analysis is time consuming and unreliable, complexity is underestimated and rework unpredictable. Systems do not join as expected; planning becomes guesswork.

The Data Management team brings together industry best practice and years of experience to help our clients be part of the 10% who succeed.

Data Quality – making data fit for purpose

Data exists only to support business applications. Whether for billing, customer management, financial reporting or any other purpose, each system will require views and attributes that may well be very different – such as a legal entity for the chart of accounts compared to the product divisional view for performance management; single product views for supply chain management or single customer views for CRM. Data quality can only be defined in the light of the purpose it is designed to satisfy. All data profiling, data cleansing and data matching activity needs to be driven by the ultimate purpose of the data.

The Data Management team uses bespoke and industry leading tools to help our clients understand their data and then, in the light of the difference between what it is and what it needs to be, specify and implement appropriate activities, technology and controls to make data fit for purpose.

Data Benchmarking – measuring performance

What is good performance? Benchmarking enables a team, a business, or an industry to understand performance, facilitate best practice discussion and therefore can lead to substantial efficiency improvements.

Managers are always looking to reduce cost and improve efficiency, but deciding when cost should be the focus as opposed to efficiency, is not as straightforward. Visibility on the performance of peer groups (even if un-named) allows the manager to determine whether cost issues exist and the extent of the problem. Whether benchmarking cost, quality, or timing, using simple ranking metrics or complex statistical algorithms, benchmarking can lead to company- or industry-wide discussion on cost improvement.

Desktop Decision Support – making sensible decisions

A vast amount of data is collected but very little of it is used to inform management decision making. This is often due to poor reporting design and implementation together with a lack of flexibility within ERP systems. Internal IT functions are not configured to address these reporting issues and the perceived effort required to engage external ERP vendors results in a grudging acceptance of the status quo.

Based on desktop applications such as MS Excel and MS Access, the Data Management team can bridge the gap between data and management by providing intuitive, interactive, and flexible tools that tap into the richness of what is available but not currently accessible.

Data Analysis – understand your data - understand your business

There are two distinct flavours to data analysis:

  • Diagnostic analysis is of an audit nature, where we are holding up a mirror to data and saying this is what it looks like. Typically it will be used to reconcile financial information and takes advantage of many of our proprietary tools.
  • Value added analysis sets out with a specific decision making purpose in mind such as predicting marketing responses or creating a classification of customers.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.