Keynote highlights and takeaways from FIMA Connect 2023
At the recent FIMA Connect event, I had the pleasure of sharing some exciting insights into esynergy’s collaboration with Northern Trust (NT) on their next-generation data modernization journey alongside Jimmy Kozlow, Data Mesh Product Lead, NT. During our keynote, we explored how we built a data mesh strategy that ultimately aims to encourage a data-driven culture that will empower NT’s employees and clients.
The full case study on our ongoing work together can be found here.
I wanted to highlight a few takeaways from the talk and valuable learnings from the conversations we had with senior data professionals and business leaders.
First off, why did we choose a data mesh strategy?
Well, it acts as the data delivery backbone for a variety of uses, including an intuitive self-service data marketplace. With nearly 40% of attendees at the conference already building or considering a data mesh strategy, it is clear that this approach is gaining momentum in the industry.
Remember Data Mesh isn’t just technology
It’s a cultural and organizational change to deliver smarter, faster, better outcomes. 34% of the data leaders that attended the conference are on the cusp of building their own mesh framework. They are currently evaluating data mesh or data fabric options. This was in line with a recurrent theme at the event. It highlights the growing importance of a data-driven culture and the need for organizations to adapt to new strategies that can help them achieve their goals.
Invest in your team
Another key theme that emerged from the conference was the importance of data literacy, which is critical to achieving data-driven success. Invest in the training your team needs. Help them understand how to use data effectively.
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Making data even more valuable.
As organizations collect more data, they’re looking for ways to turn that data into new revenue streams. Data monetization came up in several talks and discussions at the event. Selling data, developing new data-driven products and services, and using data to optimize business processes are all ways to approach the concept. However, monetizing data can be complex, requiring organizations to navigate a range of legal, ethical, and privacy concerns. It’s essential to have a clear strategy in place and work with legal and compliance teams to ensure that data monetization efforts are both profitable and compliant.
Linking data to business value was another key topic at the conference. Organizations are collecting more data than ever before, but they’re also looking for ways to turn this data into actionable and meaningful insights. Linking data to business value requires a deep understanding of the organization’s strategic goals, as well as the ability to use data to inform decision-making and drive outcomes. This requires a strong data governance framework and the ability to measure the impact of data initiatives on the organization’s bottom line.
Federated Embedded Governance
A key theme that has been with us throughout the evolution of Data platforms and patterns is around Data Governance. The Data Mesh platform is unique to the point that it looks to leverage all the benefits of decentralised governance without the well known challenges of data governance itself. The way we have seen this work is by making governance easy bootstrapped with embedded controls and frameworks throughout the data eco-systems and an ability to iterate, evolve and enhance controls as the regulatory and compliance landscape evolves. This supported by a clear definition of empowered roles within each of the data domains make Data governance a seamless part of the data eco-system.
Data, a seamless web
The conference also explored the value of the data ecosystem. No organization operates in a vacuum, and data is no exception. An effective data platform ecosystem requires collaboration and partnership with external vendors, customers, and other stakeholders. Organizations need to work together to ensure that data is accurate, consistent, and secure, and that it flows seamlessly between systems and organizations.
Going forward on your data journey
The event gave a fascinating glimpse into the latest trends and strategies in data management. Talking through the different stages of various organizations’ data journeys, I re-discovered the many challenges and opportunities they face as they navigate the complex yet exciting opportunities with data. If you’d like to bounce off some ideas as well, feel free to reach out to the Data Practice at esynergy team and we can start brainstorming around the broader challenges within the data space and aligning a strategy towards your organisational vision and platform maturity.
Accelerating data modernisation: Northern Trust’s journey to empowering clients and employees
Learn more about how Northern Trust accelerated the development of the data mesh framework.