Benchmark Data Management Maturity Against Industry Peers
U.S. Bank Cooperative
The Client’s senior leadership sought a framework to provide an industry benchmark for the maturity of the bank’s Data Management Program. Reference Point conducted a Data Management Capability Assessment Model (DCAM) across the Bank to document and evaluate the maturity of data capabilities against industry best practice. The assessment evaluated a range of data components that define what is necessary to develop, implement, and sustain a Data Management Program along with providing a baseline for assessing its current maturity across Data Management Capabilities against industry competitors.
- The Client had recently established a Data Office and was uncertain where to focus resources as they matured the existing data management program.
- There was inconsistent understanding across the bank as to which aspects fall under the scope of a Data Management Program and how to evaluate the progression across different data capabilities.
- The Client desired strategic advisory and execution support to administer a Data Management Capability Assessment Model (DCAM) across the bank.
- Reference Point deployed a team of subject matter experts and experienced consultants, with targeted expertise in data management, to develop and administer a Data Management Capability Assessment Model (DCAM). DCAM allowed for the evaluation of the bank across a broad range of industry best practices and for a gap analysis across capabilities necessary to successfully drive Data Management.
- The model Reference Point administered addressed core components including DM Strategy & Business Case, DM Program & Funding Model, Business & Data Architecture, Data & Technology Architecture, Data Quality Management, Data Governance, and Data Control Environment.
- By completing the assessment, Reference Point was able to identify critical gaps in the Data Management Program and develop targeted work packages aligned to a Data Management Roadmap to help the Data Office prioritize initiatives.
- Baselining the bank's Data Management maturity provided the Client with an easier way to identify and prioritize areas that needed focused work to improve Data Management practices.
- Reference Point assisted the bank in developing a Data Management improvement roadmap with prioritized work-packages which showcased the incremental value of each transition state along the capability spectrum as the Data Management program matured via the DCAM framework.
- DCAM provides a benchmark for the bank to compare progress against industry best practices as the program matures through the completion of initiatives outlined in the Data Management Roadmap.
- Based on the benefits realized by conducting the DCAM assessment, the bank decided to conduct a yearly DCAM maturity assessment, and the bank incorporated maturity KPIs to track progress as part of its metrics framework.