Better Project Results with a Centralized Data Office | Financial Risk | Deloitte Netherlands

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Better project results with a Centralized Data Office

How to manage data and data risk?

Whatever project your organization is contemplating, it is likely to involve data – and data risk. Setting up a dedicated Centralized Data Office for your project is a recipe for faster, better quality results.

Whatever project your organization is contemplating, it is likely to involve data – and data risk. These days, instead of overburdening your busy IT department and other functional areas of the business with data-related project tasks, you have the option to set up a dedicated Centralized Data Office for your project. Centralized Data Office to ensure proper insights allowing stakeholders to make the right strategic decisions at the right moment, a recipe for faster and better
results.

In our dynamic times, change is the only constant factor. Organizations change ownership and need to be integrated, for example, or business units are spun off and need to be carved out. As a result, legacy IT needs to work with possible new software. Also, from compliance perspective the rules become stricter.

Data Risk

Data plays a key role in many change projects in organizations – and can pose a significant risk to their success. Data comes from multiple sources, and its quality may vary. If data issues are not addressed, tracing and fixing mismatches and anomalies can slow down the project or even cut it short.

Until recently, data management for projects was in most cases left to the organization’s IT staff. Talented people, but not necessarily data specialists. People who are already overburdened with day-to-day operations and cannot commit fully to the project’s goals.

One Job

This is why more and more change projects these days include a Data Office. This is a team of data experts with one job: managing all data relevant topics of the project. They develop a data strategy, they build a dedicated data warehouse and set up an automated process for extracting, transforming and loading the data from its various sources and also cleanse the data so that it is fit for purpose.

The result? A single body of optimum quality data that can serve as a sound basis for the project at hand and possibly future ones. What data experts call a Single Source of Truth.

Control

In addition, the Data Office produces progress reports, and can create a dashboard that gives an organization better control of its project and the outcomes. Together these constitute an audit trail, guaranteeing the organization’s accountability throughout.

The Data Office works closely with the organization’s IT department, without getting in their way. A certain time investment by IT staff is needed in the startup phase of the project, to show the Data Office their way around the system, but after that it is just a matter of facilitating them. IT employees are freed up to deal with their regular duties.

Case in Point

Data Offices have proven their worth in quite a few projects already. A recent example involves the acquisition by a bank of a smaller competitor. An integration project was set up to migrate client data from one to the other, with a Data Office of 6 FTEs set up to streamline this process.

They monitored progress and alerted the client when milestones were at risk of being missed. Information arrived in the right place at the right time. Ultimately, the project was completed ahead of the deadline, and thanks to the extensive audit trail, final approval could be given in a little over one week.

Becoming Indispensable

In the years ahead, our reliance on data will only increase, and data offices are likely to become a regular feature in change projects. The growing body of experience in this field is already encouraging the development of data office methodologies and standards that will further improve their performance. Soon, we will be wondering how we ever did without them. 

CDO Services

Deloitte’s comprehensive and customizable CDO services exist to guide and support you on your journey towards a data-driven organization. Our multi-model offering allows organizations to familiarize with data governance and all other CDO aspects in a low threshold manner.

Inspiration sessions, CDO labs and workshops lead to planned initiatives and a prioritized road map. This road map can then be executed through a transformational organization-wide program or strategy execution within a business process or a scoped business area.

CDO services combine our data and analytics capabilities to match the needs of your data journey. Deloitte is recognized by a.o.Gartner for its data vision and ability to deliver a broad range of data and analytics services.

 

For more information, please see below:

’Risk Advisory - Navigating the Chief Data Officer (CDO)’

More information?

For more information on Risk Advisory or our CDO services, please contact Nora Boukadid, Janvier Jessurun or Bianca van de Voort through their contact details below. 

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