The Connection between Big Data and MDM

Master Data is information that is critical to your business. This could include contracts, proprietary information, intellectual capital and a whole lot more besides. Because this often reposes in a variety of different places, you need a master data management / MDM policy to control it. That way, you can link it all together in a single, secure, backed up file.

This Sounds Like Big Data

Not necessarily: big data refers to extremely large data sets that are best stored and analysed on a cloud using big technology, in order to uncover trends, patterns and associations often relating to human behaviour. Of course, if you run a niche restaurant your critical master data might be limited to a few recipes and the books you do not care to show your accountant.

The distinction is largely a question of size: think of your master data as the subset of big data that you already have your mind around. According to John Case of IBM this is probably already in a structured format and available to share. He goes on to present a cogent case for using this as a peg point around which to systematise the rest. This is because the average organisation already has master data recording customers? and prospects? behaviour.

Do I Still Need My Master Data?

Yes you do, because real people created it with the benefit of human insight. Retain it as a separate set. Then compare it with the results of big data processing for even richer insights. Two heads are better that one and that goes for data processing too.

Trends in CRM Big Data

Adding data via location-aware devices like smartphones and tablets is adding a new dimension to customer information. We now know where they were when they made the enquiry or punched in the information. Use this geo-location data to hone the way you interact with customers and service their accounts. Do not phone a customer who makes decisions at work when they are at home.

Does My Master Data Belong on a Cloud?

There are a number of ?ifs? to consider. How comfortable are you with your service provider. What would happen if someone hacked their server? There are many advantages to cloud technology. Denizon knows of solutions you can rely on, and makes sure its clients have contingency plans to protect them at all times.

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Why Executives Fail & How to Avoid It

The ?Peter Principle? concerning why managers fail derives from a broader theory that anything that works under progressively more demanding circumstances will eventually reach its breaking point and fail. The Spanish philosopher Jos? Ortega y Gasset, who was decidedly anti-establishment added, “All public employees should be demoted to their immediately lower level, as they have been promoted until turning incompetent”.

The Peter Principle is an observation, not a panacea for avoiding it. In his book The Peter Principle Laurence J. Peter observes, “In a hierarchy every employee tends to rise to his level of incompetence … in time every post tends to be occupied by an employee who is incompetent to carry out its duties … Work is accomplished by those employees who have not yet reached their level of incompetence.”

Let’s find out what the drivers are behind a phenomenon that may be costing the economy grievously, what the warning signs are and how to try to avoid getting into the mess in the first place.

Drivers Supporting the Peter Principle

As early as 2009 Eva Rykrsmith made a valuable contribution in her blog 10 Reasons for Executive Failure when she observed that ?derailed executives? often find themselves facing similar problems following promotion to the next level:

The Two Precursors

  • They fail to establish effective relationships with their new peer group. This could be because the new member, the existing group, or both, are unable to adapt to the new arrangement.
  • They fail to build, and lead their own team. This could again be because they or their subordinates are unable to adapt to the new situation. There may be people in the team who thought the promotion was theirs.

The Two Outcomes

  • They are unable to adapt to the transition. They find themselves isolated from support groups that would otherwise have sustained them in their new role. Stress may cause errors of judgement and ineffective collaboration.
  • They fail to meet business objectives,?but blame their mediocre performance on critical touch points in the organization. They are unable to face reality. Either they resign, or they face constructive dismissal.

The Warning Signs of Failure

Eva Rykrsmith suggests a number of indicators that an individual is not coping with their demanding new role. Early signs may include:

  • Lagging energy and enthusiasm as if something deflated their ego
  • No clear vision to give to subordinates, a hands-off management style
  • Poor decision-making due to isolation from their teams? ideas and knowledge
  • A state akin to depression and acceptance of own mediocre performance

How to Avoid a ?Peter? in Your Organization

  • Use succession planning to identify and nurture people to fill key leadership roles in the future. Allocate them challenging projects, put them in think tanks with senior employees, find mentors for them, and provide management training early on. When their own manager is away, appoint them in an acting role. Ask for feedback from all concerned. If this is not positive, perhaps you are looking at an exceptional specialist, and not a manager, after all.
  • Consider the future, and not the past when interviewing for a senior management position. Ask about their vision for their part of the organization. How would they go about achieving it? What would the roles be of their subordinates in this? Ask yourself one very simple question; do they look like an executive, or are you thinking of rewarding loyalty.
  • How to Avoid Becoming a ?Peter??Perhaps you are considering an offer of promotion, or applying for an executive job. Becoming a ?Peter? at a senior level is an uncomfortable experience. It has cost the careers of many senior executives dearly. We all have our level of competence where we enjoy performing well. It would be pity to let blind ambition rob us of this, without asking thoughtful questions first. Executives fail when they over-reach themselves, it is not a matter of bad luck.

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Is the GDPR Good or Bad News for Business

The European Union?s General Data Protection Act (GDPR) is a new data authority coming into force on 25 May 2018. It replaces the current Data Protection Directive 95/46/EC, while extending the remit to include the export of personal data outside the EU. It aims to give EU citizens and residents living there more control over their personal information. It also hopes to make regulatory compliance simpler for participating businesses.

The Broad Implications for Business
The GDPR puts another layer of accountability on businesses falling within its remit. It requires them to implement ?comprehensive but proportionate governance measures? including recording how they make decisions. The long-term goal is to reduce privacy infringements. In the short run, businesses without good governance may find themselves writing new policies and procedures.

Article 5 of the European Union?s General Data Protection Act lays down the following guidelines for managing personal data. This shall be ?
? Processed transparently, fairly, and lawfully
? Acquired for specific, legitimate purposes only
? Adequate, relevant and limited to essentials
? Not used for any other, incompatible purpose
? However it may be archived in the public interest
? Kept up to date with all inaccuracies corrected
? Ring-fenced when the information becomes irrelevant
? Adequately protected against unauthorised access
? Stored in a way that prevents accidental loss
Furthermore, affected businesses shall appoint a ?controller responsible for, and able to demonstrate, compliance with the principles.?

Implementing Accountability and Governance
The UK Information Commissioner?s Office has issued guidelines regarding provisions to assure governance and accountability. These are along the lines of the ?don’t tell me, show me? management approach the office has generally been following. In summary form, a business, and its controller must:
? Implement measures that assist it to ensure demonstrated compliance
? Maintain suitable, relevant records of personal data processing activities
? Appoint a dedicated data protection officer if scale makes this appropriate
? Implement technologies that ensure data protection by design
? Conduct data protection assessments and respond to results timeously

Implementing the General Data Protection Act in Ireland
The Irish Data Protection Commissioner has decided it is unnecessary to incorporate the GDPR into Irish law, since EU regulations have direct effect. The office of the Commissioner is working in tandem with data practitioners, and industry and professional bodies to raise awareness in business through 2017. It has produced a document detailing what it considers the essentials for business compliance. Briefly, these pre-requisites are:
? Ensure awareness among key personnel, and make sure they incorporate the GDPR into their planning
? Conduct an early assessment of quality management gaps, and budget for additional resources needed
? Do an audit of personal data held, to determine the origin, the necessity to hold it, and with whom shared
? Inform internal and external stakeholders of the current status, and your future plans to implement the GDPR
? Examine current procedures in the light of the new directive. Could you ?survive? a challenge from a data subject?
? Determine how you will process requests for access to the data in the future from within and outside your organization
? Assess how you currently obtain customer consent to store their data. Is this “freely given, specific, informed and unambiguous”?
? Find how you handle information from underage people. Do you have systems to verify ages and obtain guardian consent?
? Implement procedures to detect, investigate, and report data breaches to the Data Protection Commissioner within 72 hours
? Implement a culture of always assessing the effect on individual privacy before starting new initiatives

So Is the GDPR Good or Bad for Business
The GDPR should be good news for business customers. Their personal data will be more secure, and they should see their rate of spam marketing come down. The GDPR is also good news for businesses currently investing resources to protect their clients? interests. It could however, be bad news for businesses that have not been focussing on these matters. They may have a high mountain to climb to come in line with the GDPR.
Disclaimer: This article is for information only and not intended as a comprehensive guide.

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What are Operational Reviews

Faced with growing competition, businesses continually need to find new innovative solutions and ideas to improved organizational performance, especially in various cut-throat industries where innovation and good management can make or break the company.

This is the reason why, businesses place greater emphasis on the evaluation of efficiency, effectiveness, and economics of its operations.

Conducting regular Operational Reviews are key to keeping your company at peak performance.

What is an Operational Review

An operational review is an in-depth and objective review of an entire organization or a specific segment of that organization. It can be used to identify and address existing concerns within your company such as communication issues between departments, problems with customer relations, operating procedures, lack of profitability issues, and other factors that affect the stability of the business.

Operational reviews allow the organization members to evaluate how well they are performing, given that they perform appropriately according to the procedures set by them, allocating their resources properly, and performing such tasks within time frame set and using cost-effective measures. More importantly, it also shows your company how well it is prepared to meet future challenges.

What are the objectives of an Operational Review

The goals of an operational review are to increase revenue, improve market share, and reduce cost.

An operational review allows the management to see their company in a different light i.e a larger perspective. That is, it gives the management the opportunity to evaluate if the entrusted resources were used wisely to achieve the desired results of operations.

Operational reviews provide a comprehensive assessment of authority in that they help define expectations, and empower people within an organization to enact? up on it. This is due feedback provided will help them to better gauge the value of tasks performed and whether the job is being done the right or wrong way, and on what areas the company can excel and improve on.

The whole is greater than the sum of its parts

Questions worth considering in an Operational Review

Are you able to view your own organization as a whole from an objective angle?

Do the different departments complement each other so that they form a cohesive unit that boosts your business in the right direction?

With our comprehensive assessment of your organization?s current systems, operations, processes, and strategies, our operational review programs aim to help you in achieving these lofty goals: to improve business profitability and identify incompetence in both operations and organizational systems.

Benefits of an Operational Review

The main objective of an operational review is to help organizations like yours to learn how to deal with and address issues, instead of simply reacting to the challenges brought about by growth and change.

Information and data gathered in an Operational Review is practical from both a financial and operational perspective. Using? data, management can then formulate recommendations, which are not only realistic, but more importantly, can help the organization achieve its goals.

The Operational Review recognizes the extent to which your internal controls actually work, and enables you to identify and understand your strengths, weaknesses, opportunities and threats.

What should be included in an operational review

  • Assess compliance within your own organizational objectives, policies and procedures
  • Evaluate specific company operations independently and objectively
  • Impartial assessment regarding the effectiveness of an organization’s control systems
  • Identify the appropriate standards for quantifying achievement of organizational objectives
  • Evaluate the reliability and value of the company’s management data and reports
  • Pinpoint problem areas and their underlying causes
  • Identify opportunities to increase profit, augment revenue, and reduce costs without sacrificing the quality of the product or service.

More Operational Review Blogs

 

Carrying out an Operational Review

 

Operational Reviews

 

Operational Efficiency Initiatives

 

Operational Review Defined

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