As Kali emphasised, data is indeed the new oil, but many organisations struggle to harness its power effectively. Our discussion shed light on the challenges companies face when it comes to data management and the solutions offered by The Data Company, including their innovative platform, migrateFINIUM.
The Legacy Data Challenge
Kali pointed out that one of the primary challenges organisations encounter in their data journey is dealing with legacy systems. These systems, often characterised by outdated technologies and data quality issues, present formidable obstacles when transitioning to more modern platforms. In some cases, legacy insurance products, administered on aging back-office systems from various vendors, have accumulated vast amounts of data with varying degrees of quality.
The process of extracting valuable insights from these legacy systems can be complex, as the knowledge of the people who developed them and the technologies they employed, become increasingly scarce. Kali’s company, with its wealth of experience, specialises in transforming these legacy data landscapes into valuable assets for modern businesses.
Identifying the Starting Point
To address the challenge of data management, Kali emphasised the importance of identifying a clear use case and actionable insights. Whether a company aims to detect fraud, enhance customer engagement, or undergo a data migration, understanding the specific problem they intend to solve is paramount.
He stressed that organisations often underestimate the planning required for data initiatives, especially when migrating from old systems to new ones. The process involves not only technical aspects but also aligning data strategy with overall business objectives. Companies must avoid rushing into data projects without a well-defined plan to ensure a successful outcome.
The Data Company’s Approach
The Data Company takes a comprehensive approach to helping organisations navigate their data challenges. Kali described their initial step as a “data surgery,” where senior stakeholders meet to discuss the nine key pillars of data, including data quality, data lineage, and data governance. This interactive session helps determine the organisation’s current data maturity level and its desired goals.
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Subsequently, The Data Company assists in improving data quality, extracting data from legacy systems, and incorporating third-party data sources to enrich the dataset. They emphasise taking a gradual approach, focusing on solving specific use cases, and gradually building on those successes.
The Role of migrateFINIUM
Kali introduced migrateFINIUM, The Data Company’s innovative platform designed to streamline data migration and transformation processes. This platform enables collaboration between product vendors and business users to define rules for data transformation effectively. For example, it helps address issues where gender data is represented as numerical values (1 and 2) rather than labels (M and F).
Additionally, migrateFINIUM includes a comprehensive reconciliation suite to ensure that data from legacy systems successfully transitions to the new environment. This suite covers various aspects, including financial reconciliations, policy accounts, and custom accounts, providing organisations with confidence in the data migration process.
From a technical perspective, migrateFINIUM integrates seamlessly with various systems, including financial planning tools, customer relationship management (CRM) systems, and third-party data sources. Prebuilt APIs for popular systems accelerate the integration process, saving time and effort for organisations undergoing data transformations.
The interview with Kali Bagary provides valuable insights into the challenges organisations face when navigating the data landscape and highlights the importance of careful planning and strategy. With innovative solutions like migrateFINIUM, The Data Company is empowering businesses to unlock the full potential of their data while ensuring a smooth transition from legacy systems to modern platforms.
As the data-driven revolution continues, organisations that leverage these tools and approaches are better equipped to thrive in an increasingly competitive business environment.