According to new research from the TABB Group, companies may have trouble finding the information they need. The report found that companies' information is stored in small systems split up among individual departments rather than in enterprise-wide silos. Segmented data could get in the way of data quality
efforts and make information use slower.
TABB director Miranda Mizen stated that companies do not need to gather data. They already possess data assets and must place the data in a location where it is widely accessible, rather than the web of legacy systems that many firms have in place. Companies currently spend large amounts of money compiling data before beginning a project.
"Today's user community is collaborative and mobile. Those firms that can decouple their data-based business requirements from technology solutions will free up resources to focus on creating value for the organization, turning silos of data into threads of intelligence, assets shared across the enterprise," said Mizzen.
Keeping financial data secure and visible will soon be more important than ever, but for another reason. According to Bloomberg, U.S. regulatory bodies are set to increase their oversight of large-scale banks, especially the processes they use to protect customer-originated data.