Develop a Multi-Year Roadmap to Improve Data Management Capabilities
U.S. Bank Cooperative
The Client’s senior leadership sought guidance to improve its data management across all functions and to address outstanding data quality inquiries from its regulator. Reference Point conducted a current state assessment across the bank’s data assets to: (i) document and evaluate data capabilities, functions & processes, (ii) document current state including systems of record and ownership structure, (iii) identify pain points/findings, (iv) determine target state data domains and ownership structure, and (v) develop an integrated data roadmap identifying workstreams to incrementally mature data capabilities in concert with current and future bank initiatives. Additionally, RP conducted an RFP process to help the Client select a Data Management tool to enable sustainable and effective Data Management practices.
- RP deployed a team of subject matter experts and experienced consultants, with targeted expertise in data management and architecture, to identify and conduct a current state assessment across the bank’s data assets.
- The team conducted deep dive stakeholder interviews to elicit key data challenges and provided a mechanism to document System of Record and to develop architecture, business, and data flows.
- RP applied its Strategic Data Capability Assessment Framework to define the bank’s target state data capabilities and cohesively map identified pain points on a capability heatmap, with the associated recommendations grouped into prioritized workstreams aligned to the bank’s data strategy and priorities.
- Reference Point also helped develop requirements based on the observed data challenges and tailored its Multi-factor Product Scoring Framework to lead an RFP process across four data management tools.
- The multi-year integrated data roadmap that Reference Point developed uncovered key dependencies and synergies to be realized by aligning the remediation of the identified data challenges to both in-flight change initiatives and newly identified workstreams.
- In using the RP framework and participating in multiple conversations across the organization to document and establish certified systems of record and target state data domains, Reference Point helped to shift the bank towards a more transparent and data-driven culture.
- The comprehensive tool assessment framework helped the bank’s senior leadership feel confident in the selection of the best fit tool. Reference Point also helped scope/execute a pilot phase and develop a full rollout strategy and roadmap for ongoing phases of work.