Executives Know Data Is Their Most Valuable Asset, But Very Few Invest In Keeping It Clean

Mark Vaughan managing director at QMV briefly describes the importance of understanding and investing in data at the executive level. He suggests financial institutions will start establishing data as a business unit in which ownership of the data will no longer be fragmented across an organisation.

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TRANSCRIPT: Mark Vaughan - Managing Director, QMV

"Most executives and most CEOs recognise that data is their most valuable asset, yet a very few actually understand and invest in it. Often no one actually knows who's accountable for it because data often isn't a business unit. Data is needed and held by every part of the business.

IT stores the data, operations uses the data, marketing need the data for campaigns, finance needs the data for validation. Everyone owns the data, but because everyone owns it, no one owns it. I think over the next five to 10 years you'll see most financial institutions actually create data as a business unit.

The first step is having the right systems in place."