In the 1930s, the management of Japan’s Toyota Motor Corporation put in place a new set of principles to improve the quality, efficiency and productivity of its automobile manufacturing operations. This historic moment would eventually lead to the Lean Manufacturing principles that underpin much of modern industry.
Fast forward ninety years, and something similar is happening in the financial services sector.
Many firms are looking at their data management investments with concern. They have seen strategies fail to deliver business benefit, long-winded implementations of inflexible systems and spiralling costs around licenses and management.
Many are now frustrated that despite significant investment in technology solutions and people, their workflow remains inefficient and unable to keep up with change.
Faced with the explosion of operational data, firms have done what they can to source, onboard, validate, master and distribute this data to internal users and, when required, regulators.
Many have put in place “factories” to process this data, in the form of Enterprise Data Management platforms. However, like Toyota’s management in the 1930s, many leaders are now looking at these “factories” only to find that they are inefficient, full of waste and a barrier to productivity. They want something more agile, adaptable and efficient. They want something leaner.
Something needs to change, and that’s why, after close consultation with our Client Advisory Board, we have launched Lean Data Management, powered by the RIMES Managed Data Services cloud platform. Our lean approach is built on three core principles:
- Improve business outcomes. RIMES understands your business and the data needed to run it. By delivering trusted, timely, accurate and complete data, tailored to your business objectives, we can demonstrate operational and financial value faster than existing heavy technology approaches.
- Eliminate waste. Waste is anything that does not add value to your organization and can come in the form of people, process or technology. RIMES provides a learning service that continues to remove excessive processing of data, adapts quality levels to the needs of the consumers and allows your staff to focus on creating value – constantly eliminating waste from your data life cycle.
- Enhance adaptability. By future-proofing data management with a transparent, comprehensive service and expert advisory, RIMES enables firms to become highly responsive to industry pressures and the implementation of their organizational strategy.
Built on the back of 25 years of experience delivering our cloud first award-winning Managed Data Services, Lean Data Management changes the paradigm for data management. It delivers continuous improvements across firms’ data supply chain, helping their business operate as efficiently as possible – without any heavy installations and with no additional headcount, in a way that fits the specific needs of individual companies.
Many firms are digitally transforming their front-end systems and focusing on the broader use of data to improve business outcomes. But without transforming their foundational data management at the same time, much of this effort will go to waste. Lean Data Management is going to be a critical differentiator in the years ahead. Firms armed with efficient, timely, lean data services will be far better placed to get the insights they need to make winning decisions.
RIMES has changed. Contact us to learn more about our ground-breaking approach to data management and how it can help your firm differentiate and grow.
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