CHICAGO--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today the release of a white paper aimed at the importance of designing and executing an effective data strategy. The paper builds on global data management trends for asset managers and insurance companies identified in a recent survey conducted by the Economist Intelligence Unit (EIU).
A deluge of data has left many investment managers struggling with the implementation of their data strategy, defined as how data are used across an organization. Managers are grappling with which emerging technologies can help organize increasing amounts of data. Only 27 percent of EIU survey participants felt their strategy was entirely successful in helping meet current challenges and 13 percent felt their strategy was flexible enough to support future challenges and needs.
Northern Trust’s research reveals that the keys to success include having a flexible strategy with regular reviews of effectiveness and an influential leader who can set the tone and coordinate with multiple parts of the organization. Additionally, establishing clear goals around what to measure and selecting appropriate technology based on business goals and data demands is vital.
Five key actions investment managers should consider when creating a data strategy:
- Designate a leader
- Set goals
- Identify how data can help solve business problems
- Determine which technology will be most effective
- Discover the operational and cultural changes necessary to implement the strategy
“Creating an effective data strategy is a theme that comes up frequently in conversations with our clients,” said Pete Cherecwich, president of Global Fund Services at Northern Trust. “As technology continues to evolve, the most successful firms will be the ones that not only make investments early, but also those that can understand the relationship between data and business objectives. We work with our clients to help them streamline and organize their data, creating better long-term business strategies.”
Asset management firms that invest the time and resources now into building a coherent and flexible data strategy – with governance and measurement to refine the strategy as conditions evolve – will reap the benefits, added Cherecwich.
To download the full white paper, please visit www.northerntrust.com/data-strategy.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, and affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2016, Northern Trust had assets under custody of US$6.4 trillion, and assets under management of US$906 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
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