Importance of Data Management in Banking Industry

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Importance of Data Management in Banking Industry

While one might think that a term like Data Management is more apt for technologically agile sectors like IT, the truth is that these practices can bring a huge benefit to the financial industry as well. And the benefits arising out of this are not generic in nature, but rather deal with the core challenge today’s financial industry is facing – regulatory compliance.

With the world economy opening up and businesses covering many different geographies and economies, the most pressing problem is that of ensuring a common reporting format. Accounting and auditing are done differently in different places, which has given rise to the present-day push for implementing IRFS, a common financial reporting standard.

But that said, the first step towards regulatory compliance is the need to get control over the various scattered sources of data and integrate them into a centralized system. Companies that use different data centers and workflows for payroll, inventory, sales, procurement, etc., can testify to the daunting difficulties that can arise in implementing coherence and accuracy. If there are multiple data centers with different levels of control, redundancy becomes more prevalent, there are gaps in reporting, and the overall data quality falls.

In a such a scenario, it is indeed futile to talk about regulatory compliance. That is why banks and financial corporations who want to take compliance seriously must first assess their processes and implement a master data strategy. This will also make it easy to adopt and benefit from the cutting-edge technology practices like big data, business intelligence, etc.

 
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Enterprise asset management (EAM) involves the management of mission critical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs.

Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.

The software helps in effective maintenance of assets through preventive, predictive, shutdown and breakdown maintenance strategies. The system also helps enterprises mitigate equipment risks by enhanced safety standards. The streamlined operations and improved asset performance helps organizations increase their investment effectiveness.

EAM is important because it helps organizations track, assess, manage and optimize asset quality and reliability. Asset intensive Organizations have hundreds, thousands, even millions of assets which needs to be maintained to maximize / optimize life of these assets to increase the return on investment.

The key features of effective EAM are:

  • Work management.
  • Maintenance Strategies (Preventive/ Predictive / Breakdown / Shutdown).
  • Planning and scheduling.
  • Supply chain management.
  • Health and safety.
  • Mobility.
  • Analytics.
  • Improved Asset Health at reduced cost through data driven maintenance Programs​
  • Complete visibilityon entire maintenance data across Equipment, across Models, across Branches to aid in analysis & decision making such as to Repair or Replace the Equipment​
  • Insightful analysis of Inspection Data to improve customer satisfaction​
  • Effective maintenance management enhanced by predictive maintenance and inbuilt analytics​
  • Increased reliability and safety, keeps complete track of all the inspections & calibration schedules​
  • Mobile Application enables users to execute work while “in the field” leading to minimized non-productive time and increased productivity and reduces duplication of work and human errors in recording information.​
  • Quick turnaround time through Actionable Notification & Alerts for every process in real time and accessible anytime and anywhere.
  • Improved Regulatory Part of asset management involves the implementation of better O&M practices, which can significantly improve compliance.

Asset Intensive companies under the following Industries :

  1. Ports
  2. Cement and Mining
  3. Utilities
  4. Fleet Maintenance
  5. Equipment Rental
  6. Other Manufacturing
  7. Real Estate & Infrastructure
  8. Power Generation

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This differs on case to case basis, based on the type of installation and unique industry specific requirements. Contact us for a meeting and schedule a demo.

This differs on case to case basis, based on the type of installation and unique industry specific requirements. Contact us for a meeting and schedule a demo.

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