INSIGHTS

Data is key, now and for the future

  • October 20, 2020
 

Despite the turbulent times of 2020 we have continued to see high demand for Data Governance / Data Management / Cloud Professional. Over the past 10 years there has been a huge push for firms to manage their data and it is imperative that they build a strong data governance strategy to ensure they are compliant with any current and future regulations.

With the fast approaching Basel III deadline, it is extremely important that firms have their data processes in order. During these uncertain times it is crucial that firms manage their data correctly and input it accurately, as this will stand firms in a good stead when building crucial new data strategies for the future.

Additionally, Data Analytics remains a top priority for many organisations. Now, more than ever, is the time to utilise the data we have and use it to build a robust strategy for the future.

Data Governance

The importance of Data Governance cannot be underestimated and for firms nowadays their data infrastructure has to be transparent and auditable.

For the data governance to be compliant, there needs to be a robust data infrastructure in place, so that when there are potential moments of crisis all the data processes and infrastructure remain intact. Data governance is the most important element of the data infrastructure, along with the definition of your data strategy and data lineage, to ensure that performance is regularly assessed.

As we know data and risk are intertwined and it is extremely important that your data is of the right quality before any risk calculation is conducted.

Improving data quality is something that cannot be taken for granted. This can be done by ensuring that your data quality is tracked, taking steps to ensure that data is clean at the points of entry and finally utilising automation processes to limit human error and save time.

Cloud

With so many cloud migrations and upgrades, there has been lots of demand for cloud data professionals with AWS, Azure or GCP experience, to assist with a new cloud-based Data management structures within many financial services firms.

With the dramatic increase in remote working in recent months having a robust cloud platform has been essential in ensuring employees can access their data from the cloud and work as they would in the office. 
 
Firms that have utilised these cloud platforms have been able to continue working successfully in these uncertain and unpredictable times.

Data Science/Data Engineering

The continual growth of Data Science/Data Engineering technologies and functions is more important than ever in these challenging times. The UK Government and major organisations around the globe are reliant on intelligent technology, which is underpinned by Data Science. 

Machine Learning and Data Science technologies have allowed for regular data driven updates and advances in Artificial Intelligence have created a robust digital age. Next day deliveries (e.g. Amazon), streaming services (e.g. Netflix) and near real time takeaway services (e.g. Deliveroo) have become the norm during lockdown and they will continue to grow beyond this. 

Organisations have switched to remote working and technological advances have meant that almost anything that previously had to be done in the office can now be done online.

As a result of this, we are expecting to see strong demand for Data Engineers and Data Scientists going forward. The increase in the number of digitally aligned companies means that organisations will require Data Engineers to implement fit for purpose, secure data analytics platforms and they will need Data Scientists to derive insights from the complex data sets. 

It is more important than ever to be able to use data to prepare for potential scenarios and inform our decision making, and candidates who are able to crunch data and turn it into valuable insights and data strategy are going to be in high demand over the course of the next year or so. Advanced Data Science is becoming an essential component of almost every industry in both the public and private sectors. 

Nathan Ballin
Associate Director - Data & Analytics
t: +44 (0)20 7422 9212
e: nballin@mcgregor-boyall.com
Nathan Carolan
Principal Consultant - Data Science & Data Engineering
t: +44 (0)20 7422 9213
e: ncarolan@mcgregor-boyall.com