Big-data adoption is first and foremost a business decision. As such, it is essential that your partner can align your strategies, goals and objectives with an architecture vision and roadmap to accelerate adoption of big data for your environment, as well as establish practical, effective governance that will maintain a well-managed environment going forward.
While your initiatives will clearly vary, there are some generic steps the team and organisation will be required to complete at the outset of the process:
- Clearly define your drivers, strategies, goals, objectives and requirements as they relate to big data.
- Conduct a big-data readiness and information architecture maturity assessment.
- Develop future-state big-data architecture, including views across all relevant architecture domains, businesses, applications, information and technology.
- Provide initial guidance on big-data candidate selection for migrations or implementation.
- Develop a strategic roadmap and implementation plan that reflects a prioritisation of initiatives based on business impact and technology dependency, and an incremental integration approach for evolving your current state to the target future state in a manner that represents the least amount of risk and impact of change on the business.
- Provide recommendations for practical, effective data governance, data quality management and information life-cycle management to maintain a well-managed environment.
- Conduct an executive workshop with recommendations and next steps.
There is little debate that managing risk and data are the two biggest obstacles encountered by financial institutions. Big data is here to stay and risk management certainly is not going anywhere, and ultimately financial services industry organisations that embrace its potential and outline a viable strategy, as well as understand and build a solid analytical foundation, will be best positioned to make the most of it.