coherent business declan collins, vizor limited...
TRANSCRIPT
Frankfurt, .
COHERENT BUSINESS REPORTING
XBRL Week 2017
Declan Coll ins, VIZOR LIMITEDXBRL Europe Member
Declan Collins
Chief Data and Regulatory Advisor for Vizor Limited
MSc Data Business 2015Gartner Award for Innovation
Previously 30 years in Central Bank of Ireland
and Vice Chair of ITDC at EIOPA
2
Context & Concepts
Observations on Data Practices
Recommendations for Good Data Practices
Agenda
Coherent Business Reporting
The Spectrum of Regulatory Engagement (KittyMoloney&GarethMurphy 2013)
Spectrum of Regulatory Engagement
Context & Concepts
GovernancePromoting behaviours to ensure data is ‘fit for purpose’
Supplying results in a suitable format
Processing analytics on subsets of data
Combining datasets from numerous sources
Gathering data from business activity
Information Supply Chain
Context & Concepts
(Nagle&Sammon 2013)
Data Value Triangle
Context & Concepts
Data Quality Characteristics – Fit for Purpose
Context & Concepts
“In a 2015 Gartner survey on theusage and adoption of data qualitytools, respondents estimated thatthey were losing an average of $8.8 million annually because of issues with data quality.”
https://www.edq.com/globalassets/uk/papers/consumer-expectations-versus-business-reality.pdf
Bad Data Costs the U.S. $3 Trillion Per Year
Bad Data Costs Money
Observations on Data Practices
Thomas C. Redmanhttps://hbr.org/2016/09/bad-data-costs-the-u-s-3-trillion-per-year
Data Purposes Across Industry
https://www.edq.com/globalassets/uk/papers/consumer-expectations-versus-business-reality.pdf
Observations on Data Practices
Less than half of an organization’s structured data is actively used in making decisions
99%
Less than 1% of its unstructured data is analysed or used at all …
Cross-industry studies show that…
FROM “WHAT’S YOUR DATA STRATEGY?” BY LEANDRO DALLEMULE AND THOMAS H. DAVENPORT, MAY–JUNE 2017© HBR.ORG
Observations on Data Practices
80%
80% of analysts’ time is spent simply discovering and preparing data
Cross-industry studies also show that…
FROM “WHAT’S YOUR DATA STRATEGY?” BY LEANDRO DALLEMULE AND THOMAS H. DAVENPORT, MAY–JUNE 2017© HBR.ORG
Observations on Data Practices
‘A business that focuses on the analytics/delivery phase at the cost of the acquisition/integration phase will basically build a capability to make bad decisions faster and prettier.’
http://www.imi.ie/analytics-blinding-businesses
Bad Decisions Faster and Prettier
Observations on Data Practices
Greater Numbers of Data Sources
https://www.edq.com/globalassets/uk/papers/consumer-expectations-versus-business-reality.pdf
Observations on Data Practices
Big Data is not a Silver Bullet
Observations on Data Practices
Purpose and Quality deliver Value
Recommendations for Good Data Practices
Less than half of an organization’s structured data is actively used in making decisions
99%
Less than 1% of its unstructured data is analysed or used at all …
Maximise the Data you have
Recommendations for Good Data Practices
GovernancePromoting behaviours to ensure data is ‘fit for purpose’
Supplying results in a suitable format
Processing analytics on subsets of data
Combining datasets from numerous sources
Gathering data from business activity
Start with Data Acquisition
Recommendations for Good Data Practices
The Right Format for the Right Return
Recommendations for Good Data Practices
GovernancePromoting behaviours to ensure data is ‘fit for purpose’
Big Data is part of the Overall Business Reporting Approach
DATA LAKE
Recommendations for Good Data Practices
Coherent Business Reporting
Recommendations for Good Data Practices
