The inconsistencies between North American, European and global firms stress the importance of establishing industry-wide standards for data management
New York (Vocus) October 14, 2010
The Enterprise Data Management Council, in partnership with Headstrong, a leading global IT consultancy focused on the financial sector, announced today that the findings of their recent industry survey on the current state of data management among global financial institutions, will now be available internationally. Initially released in New York, the industry survey report analyzes current trends and challenges related to data management. The survey report will be release in London at an industry event on October 18th, and globally, during a webinar on October 20th. Both events will feature a presentation of the survey findings by Mike Atkin, managing director of the EDM Council.
The survey polled more than 60 financial institutions across the world. The results indicated that across the industry, regardless of region, data management is now a top priority for the majority of financial institutions. This increased level of priority is largely due to compliance concerns, exposure to risk and the need for timely, trusted data. However, according to the survey, European firms spend less on data management than both global and North American firms. In addition, global firms spend twice as much on new systems and applications development than European and North American firms.
“The inconsistencies between North American, European and global firms stress the importance of establishing industry-wide standards for data management,” states President and CEO for Headstrong, Sandeep Sahai. “Headstrong hopes to partner with the EDM Council for the future delivery of this industry survey to further improve and inform decisions surrounding industry best practices.”
The industry survey addresses core functions related to data management strategy, operations, quality and IT.
About the Survey
The survey was sponsored by Headstrong, with analysis completed by the EDM Council, Headstrong and element22. UK market research firm Lepus managed the survey process. Participants were asked to rate their concerns around such challenges as project funding, data standardization and governance in the core areas of data management strategy, data operations and sourcing, data platform and technology, and data quality.
About the EDM Council
The EDM Council is a non-profit trade association created by leading financial industry participants. Its primary purpose is to address the issues and challenges associated with managing data content as a business and operational priority.
Headstrong (http://www.headstrong.com) is a global consulting and IT services company with a specialized focus in financial services. In particular, it is the world’s leading offshore outsourcing company for the capital markets and securities industry.
With nearly 30 years of proven results and projected 2010 revenues of more than $200 million, Headstrong’s model of specialization in the financial industry has yielded sustained year-on-year growth in earnings, profitability and market recognition. Headstrong operates in 8 countries, with more than 3000 employees. Outsourcing services are provided from offshore centers in India and the Philippines.
“Headstrong” is a registered trademark of Headstrong Corporation in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.