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Simplicity Is Key To Competing In Complex Capital Markets

sougatadatta

two men discuss capital marketsThe past five years have been extremely challenging for banks and capital markets.  Basel III and Dodd-Frank have not only made things more complex, but they’ve also dealt a blow to the bottom line.  According to McKinsey & Company, Basel III and other regulatory compliance could potentially cost anywhere from 3 to 5 percent return on equity (ROE).

Global firms are faced with different regulations in every country in which they operate.  Adding to that complexity, governments are demanding greater transparency, reporting, and documentation.  And, at the same time, new CCAR stress testing is becoming more burdensome every year – what was satisfactory in 2014 may not be acceptable in 2015.

The increased scrutiny means an increase in data processing for financial services firms.  But legacy systems that aren’t synchronized have separate silos for different businesses and asset classes, and often have agonizingly slow batch-processing that make regulatory compliance difficult.  Many firms have managed to cope by throwing a lot of bodies at the problem, especially outsourced data reconciliations and clean up – a strategy that isn’t sustainable over the long haul.

All this complexity – in architecture, processing, data acquisition, integrity, and reporting – is squeezing resources available for revenue generation, and for true innovation.

Some firms have figured out that if they must expense to meet regulatory requirements, they should find a way to use their new-found access to intelligence to transform their business for the future and greater market competitiveness.

Regulatory compliance is the initial driver, but competitive advantage is the end result.

Making the next step a giant step forward for capital markets

The fact is that financial institutions today can’t afford to be encumbered by old, inflexible technology.  Those who are not innovating and adapting will fall behind, unable to satisfy customer and market demands.

But developing a golden data source that provides fast access to complete, correct, consistent data across the enterprise – the same information that’s used to report earnings, and calculate profit and loss, but also for risk and regulatory reporting – is no longer an unattainable goal.  And it doesn’t have to reside in a single database; it could be in many that function as one, with uniform governance and data models across the organization.

There are two ways to capitalize on killing complexity.  The first is to create a robust platform for high growth or expansion, in businesses, geographies and in sheer transaction volume.  The second is to use business intelligence to optimize capital allocation across legal entities, increase growth and revenue, lower operating costs, and provide better customer experiences.

The SAP HANA platform makes both possible.  When deployed in the cloud, it simplifies data architecture, and reduces latency, complexity, and cost.

Financial services companies that are reducing complexities and running simple are becoming more agile, transitioning away from their old environments and opening new opportunities for the future. Run Simple today.

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sougatadatta

About sougatadatta

Sougata Datta is the Senior Director, Digital Enterprise Platform Group - HCP, at SAP. His specialties include business intelligence, solution architecture, data warehousing, data modeling, software development and analytics.

Time For Banks To Fight Back

Laurence Leyden

Metamora, Illinois, USA --- USA, Illinois, Metamora, Close-up of man photographing checque --- Image by © Vstock LLC/Tetra Images/CorbisThe financial services industry has suffered consecutive blows in recent years. The global banking crisis, new regulations, empowered customers calling the shots, not to mention a new breed of digital disruptors out to steal market share, have wreaked havoc on business as usual.  Profits have been slashed, reputations have been damaged, and management has been blindsided.

The only way forward is change – a change of business model, a change of mindset, and a change of ecosystem.  It’s a major upheaval, and not to be taken lightly. Banks in particular have operated largely the same way for the past 300 years. Management is facing a once in a generation reassessment of 21st century banking.

Changes in customer behaviour, including 24×7 omnichannel service expectations, lack of loyalty by current customers willing to exchange privacy for easier access to information, generational expectations of future customers – “screenagers” and tech savvy Millennials – and technology advances in cloud, mobile, real-time data, and predictive analytics make yesterday’s business model redundant.

Banking isn’t actually about banking anymore. It’s about enabling people’s lifestyles. That means you have to completely re-think how you engage with customers. The lessons are everywhere in parallel industries. Nokia, for example, thought it was about the phone, not the customer experience. Digitisation has both emboldened and empowered customers. Ignoring this fact is pointless. You need to cater to what consumers want. That means your back-end systems need to be integrated, consistent, contextualised and easy to deploy across any channel.

There’s also a whole new ecosystem required to support this new business model. Banks are facing disaggregation as they no longer own the end-to-end value chain, as well as disintermediation as new market entrants attack specific parts of the business (think Apple Pay). Smart banks are forging relationships with different and unexpected partners, such as mobile and retail organisations, even providing products from outside of the group where they are the best fit for a customer’s needs.  As I’ve said in one of my previous blogs, there’s a new mantra for modern banking: “Must play well with others.”

Old-fashioned banking is gone, and with it so have old style processes, business models and attitudes. Nobody wants to be the last dinosaur.  It’s time for the industry to dust itself off, and step up. Embracing change is easier – and far more profitable – than risking irrelevance in the widening digital divide.

I’ve briefly summarised only some of the key drivers of digital transformation, but you can find much more insight – including views from thought leaders in banks, insurance companies, fintech providers, challenger banks and aggregators – by downloading the eBook from the recent SAP Financial Services Forum: The digital evolution – As technology transforms financial services who will triumph.

It’s essential reading if you’re going to successfully fight back.

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Laurence Leyden

About Laurence Leyden

Laurence is general manager of Financial Services, EMEA, at SAP and is primarily involved in helping banks in their transformation agenda. Prior to SAP he worked for numerous banks in Europe and Asia including Barclays, Lloyds Banking Group and HSBC. He regularly presents on industry trends and SAP’s banking strategy.

Why Banks Should Be Bullish On Integrating Finance And Risk Data

Mike Russo

Welcome to the regulatory world of banking, where finance and risk must join forces to banking executiveensure compliance and control. Today it’s no longer sufficient to manage your bank’s performance using finance-only metrics such as net income. What you need is a risk-adjusted view of performance that identifies how much revenue you earn relative to the amount of risk you take on. That requires metrics that combine finance and risk components, such as risk-adjusted return on capital, shareholder value added, or economic value added.

While the smart money is on a unified approach to finance and risk, most banking institutions have isolated each function in a discrete technology “silo” complete with its own data set, models, applications, and reporting components. What’s more, banks continually reuse and replicate their finance and risk-related data – resulting in the creation of additional data stores filled with redundant data that grows exponentially over time. Integrating all this data on a single platform that supports both finance and risk scenarios can provide the data integrity and insight needed to meet regulations. Such an initiative may involve some heavy lifting, but the advantages extend far beyond compliance.

Cashing in on bottom-line benefits

Consider the potential cost savings of taking a more holistic approach to data management. In our work with large global banks, we estimate that data management – including validation, reconciliation, and copying data from one data mart to another – accounts for 50% to 70% of total IT costs. Now factor in the benefits of reining in redundancy. One bank we’re currently working with is storing the same finance and risk-related data 20 times. This represents a huge opportunity to save costs by eliminating data redundancy and all the associated processes that unfold once you start replicating data across multiple sources.

With the convergence of finance and risk, we’re seeing more banks reviewing their data architecture, thinking about new models, and considering how to handle data in a smarter way. Thanks to modern methodologies, building a unified platform that aligns finance and risk no longer requires a rip-and-replace process that can disrupt operations. As with any enterprise initiative, it’s best to take a phased approach.

Best practices in creating a unified data platform

Start by identifying a chief data officer (CDO) who has strategic responsibility for the unified platform, including data governance, quality, architecture, and analytics. The CDO oversees the initiative, represents all constituencies, and ensures that the new data architecture serves the interests of all stakeholders.

Next, define a unified set of terms that satisfies both your finance and risk constituencies while addressing regulatory requirements. This creates a common language across the enterprise so all stakeholders clearly understand what the data means. Make sure all stakeholders have an opportunity to weigh in and explain their perspective of the data early on because certain terms can mean different things to finance and risk folks.

In designing your platform, take advantage of new technologies that make previous IT models predicated on compute-intensive risk modeling a thing of the past. For example, in-memory computing now enables you to integrate all information and analytic processes in memory, so you can perform calculations on-the-fly and deliver results in real time. Advanced event stream processing lets you run analytics against transaction data as it’s posting, so you can analyze and act on events as they happen.

Such technologies bring integration, speed, flexibility, and access to finance and risk data. They eliminate the need to move data to data marts and reconcile data to meet user requirements. Now a single finance and risk data warehouse can be flexible and comprehensive enough to serve many masters.

Join our webinar with Risk.net on 7 October, 2015 to learn best practices and benefits of deploying an integrated finance and risk platform.

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Mike Russo

About Mike Russo

Mike Russo is senior industry principal, Financial Services, with SAP. Mike has 30 years of experience in the financial services/financial software industries. This includes stints as senior auditor for the Irving Trust Co., New York; manager of the International Department at Barclays Bank of New York; and 14 years as CFO for Nordea Bank’s New York City branch – a full-service retail/commercial bank. Mike also served on Nordea’s Credit, IT, and Risk Committees. Mike’s financial software experience includes roles as a senior banking consultant with Sanchez Computer Associates and manager of Global Business Solutions (focused on sale of financial/risk management solutions) with Thomson Financial. Before joining SAP, Mike was a regulator with the Federal Reserve Bank in Charlotte, where he was responsible for the supervision of large commercial banking organizations in the Southeast with a focus on market/credit/operational risk management.

3 Ways Robots Will Co-Evolve with Humans

Christopher Koch

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Christopher Koch

About Christopher Koch

Christopher Koch is the Editorial Director of the SAP Center for Business Insight. He is an experienced publishing professional, researcher, editor, and writer in business, technology, and B2B marketing. Share your thoughts with Chris on Twitter @Ckochster.

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Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Hans Thalbauer

About Hans Thalbauer

Hans Thalbauer is the Senior Vice President, Extended Supply Chain, at SAP. He is responsible for the strategic direction and the Go-To-Market of solutions for Supply Chain, Logistics, Engineering/R&D, Manufacturing, Asset Management and Sustainability at SAP.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Melissa Friedman

About Melissa Friedman

Melissa Friedman is a senior marketing manager of Global Partner Operations at SAP. She manages SAP Virtual Agency, a multi-language, online demand-generation platform for SAP partners. In her spare time, Melissa is a professional photographer who specializes in wedding, bar/bat mitzvah, and portrait photography. Follow Melissa on Twitter and LinkedIn, or view her photography work.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Adam Winfield

About Adam Winfield

Adam Winfield writes about technology, how it's affecting industries, how it's affecting businesses, and how it's affecting people.

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Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Gavin Mooney

About Gavin Mooney

Gavin Mooney is a utilities industry solution specialist for SAP. From a background in Engineering and IT, Gavin has been working in the utilities industry with SAP products for nearly 15 years. He has had the privilege of working with a number of Electricity, Gas and Water Utilities across the globe to implement SAP’s Industry Solution for Utilities. He now works with utilities to help them identify the best way to run simple and run better with SAP's latest products. Gavin loves to network and build lasting business relationships and is passionate about cleantech and the fundamental transformation currently shaking up the utilities industry.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Kris Hansen

About Kris Hansen

Kris Hansen is senior principal, Financial Services for SAP Canada. He is focused on understanding the financial services industry and identifying new and interesting digital opportunities that create disruptive business value.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Wilson Zhu

About Wilson Zhu

Wilson Zhu is a Marketing Manager at SAP. He focuses on the topic of Digital Supply Chain and IoT. Follow him on Twitter: @thezhu.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Roger Noia

About Roger Noia

Roger Noia is the director of Solution Marketing, SAP Jam Collaboration, at SAP. He is responsible for product marketing and sales enablement for our dedicated sales team as well as the broader SAP sales force selling SAP Jam.

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awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Drew Schiller

About Drew Schiller

Drew Schiller co-founded and serves as the Chief Executive Officer of Validic, the leading digital health platform for connecting patient-generated data from apps, wearables, and in-home medical devices to the healthcare system. At Validic, Drew leads the corporate strategy, drives key day-to-day initiatives, and works closely with senior executives at partner organizations to stay ahead of the innovation curve.

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