Metrics-driven Governance Drives Business for Investment Consulting Firm
Challenge
A small financial services investment advisor firm grew rapidly driven by a “we can do anything” entrepreneurial culture. As a result, the company evolved with a significant lack of disciplined data and content management processes or technology infrastructure. Individualized Excel spreadsheets had run amuck. Siloed and loosely defined information processes and organizational roles and responsibilities created confusion, redundant and inefficient execution, with uncertain information accuracy, consistency, and quality. This left the company exposed for substantive risk from a lack of accountability and traceability of information assets. Valuable information of an unstructured nature from 3rd party financial content sources was not being extracted and made available for greater leverage across the organization. There was no master data management practices or centralized repository for shared information and data access. A lack of proper technology solutions to support the business and a misuse of existing technology was limiting the way that the organization could store, process and make data sources available.
The company knew that it was in trouble but did not know where to begin.
Solution
With its extensive experience in data and information management, EIS is helped the company sort through it broad set of challenges.
- Prioritized ECM Transformation Roadmap: EIS helped to define and establish a prioritized roadmap based on management priorities and key business criteria. Instead of forcing a massive governance framework at once, EIS is helping the organization to start with small top priority steps and build on progress in an incremental, achievable fashion.
- Current State Assessment to Improved Information and Reporting Work Streams: EIS helped document the current state of information management and reporting processes (i.e. quarterly updates, RFP responses, etc.) providing the business with a unique view into its siloed, inefficient and often ineffective workflows. This assessment has helped the organization to identify areas for improvement in the chain of accountability, layers of trust, interdepartmental responsibilities, and areas where increased governance action is required.
- Governance: EIS worked with the client organization to evaluate various governance frameworks that meet business requirements. Based on recommendations, the company has achieved buy-in for a future-state organizational model based on industry best practices. Together the companies have defined governance principles for the overall business and its data operations. They have established governance role definitions and understood team expectations.
- Technology Platform Selection: EIS conducted a vendor evaluation and selection process for ECM and Data Analytics platforms.
Results
Pervasive culture shift toward principled and enthusiastic data management, consistent stewardship engagement, and metrics-driven business objectives. Measured and notable increases in efficiency and greater resource optimization, with more predicted through 2020. Enterprise transformation of data as a corporate asset, with efficiencies and new opportunities achieved through automation and stronger integration.
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