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The data revolution in operations management: Unlocking innovation by embracing change
Journal of Securities Operations & Custody,
15
(1),
44-55
(2023)
Abstract
This paper analyses how, for too long, back-office operations teams within investment organisations have endured the ongoing tension between ‘running the organisation’ and ‘changing the organisation’. Although there are many impediments to change, the cost of inaction is too risky to sustain. With the rise of new and different asset types and the resulting explosion of datasets that need to be consumed at increasing velocities, investment organisations must transform their data management operations, or they will not be able to run their organisations efficiently. A data transformation that takes data out of the exclusive domain of IT teams and empowers operations teams with both access and accessibility can not only break down data silos and unify fragmented technology, but it can also free up time for uncovering valuable insights. That being said, a successful transformation means embracing change within an agile business model that values progress over perfection. The benefits of doing so create a flywheel effect that builds momentum as users deploy these solutions: improved data management generates trust in the data; improved outcomes fuel interest; data discoverability drives insights; and accessibility opens the door to creativity and innovation.
Keywords: transformation; data; investment; technology; accessibility; change
The full article is available to subscribers to the journal.
Author's Biography
Duncan Cooper is Head of OMNI Digital Services, EMEA, BNY Mellon. Duncan has over 25 years of experience in the world of financial services and for the past 20 years has focused on the asset and investment management world. He has held senior leadership positions in Technology, Product and Consulting at small FinTechs that grew big, such as SimCorp and Charles River, and at big banks like HSBC and BNY Mellon, which grew even larger. With a deep understanding of POEMS (portfolio, order and execution management systems) and trends within technology space, the majority of Duncan's career has been spent focusing on the front office of asset managers and owners. His publications include white papers on the use of data and technology to support data transformation in organisations. Over the last seven years, Duncan has specialised in digital and data transformations, while building and delivering some of the most innovative and comprehensive next-generation data solutions for some of the largest asset managers, owners and servicers in the world. In addition, Duncan worked for the Bank of England during the financial crisis to develop the risk system for supporting distressed assets.
Steve Taylor is Head of OMNI Digital Services, EMEA, BNY Mellon. Duncan has over 25 years of experience in the world of financial services and for the past 20 years has focused on the asset and investment management world. He has held senior leadership positions in Technology, Product and Consulting at small FinTechs that grew big, such as SimCorp and Charles River, and at big banks like HSBC and BNY Mellon, which grew even larger. With a deep understanding of POEMS (portfolio, order and execution management systems) and trends within technology space, the majority of Duncan's career has been spent focusing on the front office of asset managers and owners. His publications include white papers on the use of data and technology to support data transformation in organisations. Over the last seven years, Duncan has specialised in digital and data transformations, while building and delivering some of the most innovative and comprehensive next-generation data solutions for some of the largest asset managers, owners and servicers in the world. In addition, Duncan worked for the Bank of England during the financial crisis to develop the risk system for supporting distressed assets.
