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Finance Technology 2020: #1 Reason to Use the Class N-ODS for Total Data Reliance

CEB Global, a subsidiary of Gartner Inc, had recently published a white paper titled, “Finance Technology 2020”. It is subtitled, “New Approaches to Solving the Four Biggest Challenges to Finance Technology Success in 2020”.

Four challenges for the success of finance technology

This white paper mentions, four challenges for the success of finance technology in 2020. They are:

  1. Distributed Technology
  2. The End of Traditional Hierarchies
  3. Total Data Reliance
  4. Tech Skill Premium

In this post, we on – Total Data Reliance.

Having witnessed various digitalization pursuits across sectors, globally, I cannot emphasis the criticality of this, sufficiently enough.

Chief Financial Officers, Chief Operating Officers, Chief Data Officers and even, Chief Information Officers often tend to be in a constant state of ‘reaction’, as opposed to being in ‘total control’ of their desired outcome, especially on matters related to digital transformations and data programs. Both include cloud as well as big data analytic programs.

Traditional vs non-traditional enterprises

…traditional enterprises are far more vulnerable than non-traditional enterprises…

Not surprisingly, traditional enterprises are far more vulnerable than non-traditional enterprises, in these matters. Although, no enterprise is immune to the complexities that the digital age thrusts upon us, as a society, traditional enterprises are often saddled with both legacy staff as well as legacy technologies.

But, it need not be that way. After all, progress with technology is intended to make our lives better.

Data can be the CxOs best friend

Fortunately, data can be your best friend when it comes to digital transformations. While security risk of data “graveyards” as well as cost proliferation can be two major risks to Total Data Reliance, the biggest opportunities which CxOs have available to them are enterprise data integration and development of an “analytic culture”.

The cost of ignoring these opportunities is too high and could potentially be fatal in some cases even.

Total Data Reliance with the Class -N ODS

Total Data Reliance is best addressed with a vendor neutral solution concept called, the Class-N Operational Data Store (ODS).

The Class-N ODS creates an enterprise opportunity to create value through both enterprise data integration as well as development to “analytic culture”. This is because people, processes and technologies collide gracefully in the Class-N ODS. When this happens, the organization is comfortable to embrace an “analytic culture”. i.e., with the way that the data landscape is simplified, the focus of the organization is more on leveraging and utilizing data to make decisions as opposed to doing a lot of wasteful pursuits which are inconsequential and even zero valued.

If there is one outcome that is of highest value to an enterprise, it is the ability to act on data with confidence. Whether the matter is to pursue growth or to respond to regulation.

Thankfully, the digital age gives data. And this is our best friend.

Learn more about the Class-N Operational Data Store in the Billion Dollar Byte.