Because data quality management is such a vast science, often requiring buy-side financial institution professionals’ full attention when they’re at the workplace, a data management mindset can follow workers into their personal lives, where everything a person sees – no matter where they happen to be – has something to do with data governance and the best practices that are used.
Max Bowie, an editor of Inside Market Data, recently confessed to being a data addict in a tongue-in-cheek piece for Waters Technology. It may cause people to reflect on whether they, too, have a data-centered mindset.
He pointed out how this data obsession of his became acutely apparent after learning of someone who had been erroneously pinpointed as an individual worthy of further searching before boarding a plane at the airport.
“‘Aha, the TSA has faulty reference data!,'” Bowie indicated he said to himself upon hearing the account.
Recognizing that his self-confessed data obsession was finding its way into other aspects of life, Bowie said he did all he could to ignore it. Ultimately, however, his efforts were fruitless because one can never get away from data – it’s literally everywhere.
“Not only do we observe and harness it, but it observes and harnesses us to create more data for us to observe,” said Bowie.
Being a data addict isn’t necessarily a bad thing
When it comes right down to it, there’s not much use in trying to fight off a fixation with data, he confessed, having made some attempts at “data rehab.” What breathing air and drinking water is to the average living being, the same is true for the data-phile: they have to be around it to live.
“Data truly has become the Matrix-like reality behind the world in which we live,” he pointed out. “And perhaps in the broad scheme of things, being a data addict isn’t the worst thing in the world.”
He said that this is mainly because these obsessions can be turned into healthy habits, where everyday experiences can be utilized and applied for data governance purposes.
There’s been plenty of fodder for data enthusiasts in the news as of late. The benchmark rigging scandal has perhaps been the issue that’s been most widely publicized, as it has led to the creation of new benchmarks and an increased focus on compliance mechanisms. The Volcker Rule has dominated the headlines as well, as there’s still a lot of controversy about the regulation and whether it will make data quality management more difficult to stay on top of.