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The data revolution in operations management: Unlocking innovation by embracing change

Author

Listed:
  • Cooper, Duncan

    (Head of OMNI Digital Services, EMEA, BNY Mellon, UK)

  • Taylor, Steve

    (Head of Data Management Platforms, BNY Mellon, USA)

Abstract

This paper analyses how, for too long, back-office operations teams within investment organisations have endured the ongoing tension between ‘running the organisation’ and ‘changing the organisation’. Although there are many impediments to change, the cost of inaction is too risky to sustain. With the rise of new and different asset types and the resulting explosion of datasets that need to be consumed at increasing velocities, investment organisations must transform their data management operations, or they will not be able to run their organisations efficiently. A data transformation that takes data out of the exclusive domain of IT teams and empowers operations teams with both access and accessibility can not only break down data silos and unify fragmented technology, but it can also free up time for uncovering valuable insights. That being said, a successful transformation means embracing change within an agile business model that values progress over perfection. The benefits of doing so create a flywheel effect that builds momentum as users deploy these solutions: improved data management generates trust in the data; improved outcomes fuel interest; data discoverability drives insights; and accessibility opens the door to creativity and innovation.

Suggested Citation

  • Cooper, Duncan & Taylor, Steve, 2023. "The data revolution in operations management: Unlocking innovation by embracing change," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 15(1), pages 44-55, January.
    • Handle: RePEc:aza:jsoc00:y:2023:v:15:i:1:p:44-55
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    More about this item

    Keywords

    transformation; data; investment; technology; accessibility; change;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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