By Rob Starr, Big4.com Content Manager
The drive toward real time data insights traverses all modern industries and it’s one of the priorities of today’s successful business leaders. IT Advisory principal Scott Schlesinger of Ernst & Young LLP , took some time to guide us through the piece he wrote for EY’s Performance journal aptly titled: “Why an integrated platform is the key to real-time insights,” that supplied his thoughts on this cutting edge IT trend.
“I like to think of data management as a platform and information management as a program,” he told Big4.com. “That means managing all of your structured and unstructured data, your information quality and your enterprise data warehouse into an overall program that weaves it all together.”
Data and Analytics
He furthers in the article that an efficient end-to-end approach combining data and analytics includes the low cost of data acquisition with Hadoop storage and in-memory platforms and walks us through the need for this process.
“When you’re talking about data and analytics, we still need to go through the same blocking and tackling that goes with discovering the data and acquiring the data as well as storing and integrating it so we can get it ready for analytics and insights.”
Therein lies the need for a collaboration between emerging technology solutions and legacy technology investments to make proper use of structured and unstructured data from inside and outside any firewall. That’s the short version of Schlesinger’ s integrated platform concept.
He stresses there are a few data underpinnings that need to be included so the foundation
for the process is solid mentioning robust data governance, information lifecycle management and meta and master data management as examples.
“We don’t want to recreate the wheel over and over again. If you don’t put in the right underpinnings, there could be problems.”
Data related programs
The EY client focus also works under the assumption that any data related programs are an ongoing concern and not stagnant. Our conversation moved to the needs of the financial industry and the importance for real time analytics there. The kind of predictive analytics that are dealt with in the Performance article can be especially important for regulatory matters in financial industries like properly setting cash reserves for payment of claims and such.
“When I talk about the integrated, optimized big data platform, it’s really all about using the right tools for the right job at the right time,” Schlesinger said adding because this is still an emerging technology, clients often need help understanding how to leverage and maintain this big data environment.