Data: The Forgotten Business Application

| Point de vue

Gain a better understanding of the role of data.

If you asked financial services business users to name the most important business application, no one would name Data. Data is viewed as a foundation for every other business application, not an application itself. While it is certainly true that business applications use data, data is also important in its own right and has certain properties that make it unique. When properly managed, data supports business relationships that would otherwise be problematic for applications.

Historically, we have looked at data solely as a requirement of business processes. If the data exists, the applications can run. If the data is invalid or missing, errors will occur, and we can use routines to execute defaults or process changes. Each process uses data in its own unique way and for its own proprietary business reason. So, any one field of data may be used in hundreds of ways, which complicates data organization and process modernization.