From MIKE2.0 Methodology
“The most meaningful way to differentiate your company from your competition is to do an outstanding job with information. How you gather, manage, and use information will determine whether you will win or lose”
Business @ The Speed of Thought
Challenges in Information Management are Growing
We believe there has never been a more important time for companies to focus on how they manage information. They now have more information and are conducting more integration between systems than ever before. The information management challenges they face are formidable:
- Mergers, acquisitions and globalisation have brought about more rapidly changing technology environments. The technology adoption curve has now shifted from technology infrastructure and applications to information.
- Most large organisations are highly federated, with decentralized systems and processes –resulting in Information Management problems that are extremely complex from a technology and governance perspective.
- There are large degrees of overlapping data among most organisation’s systems. An information quality problem in one system may not be a problem in another. The distributed nature of this problem from an organisational perspective presents issues for traditional project delivery models.
- Most organisations are progressively removing their manual processes and automating the integration of their systems. Removing these controls can actually increase the risk of propagating poor information and can result in a greater chance of system failures without a well-defined architecture.
- The biggest challenge with large-scale technology change is the data. There is no choice but to fix the issues of the past – you can’t “start over”.
We believe information is the most crucial asset of the business. As application packages come and go and integration technologies change, the data largely stays the same. We believe meaningful, cost-effective business and technology change processes can only be achieved with a successful approach for managing information and that an Information Development approach is key to running a progressive organisation.
Senior Executives Must Change their Focus
These information management issues impact organisations up to their most senior levels. Very few senior executives would deny the value of good information, but we believe that very few give it the priority and focus it requires. Why should senior executives care?
- Chief Information Officers (CIOs) should Care. CIOs are faced with a great challenge. They must face a host of business users that are increasingly demanding about the information that they want and a leadership team that now blame failures on "bad data". Despite this issues, they often find it difficult to convince others on the need to invest in area that has been under-focused on for years, is still immature as a discipline and where Return on Investment can be difficult to quantify.
- Chief Technology Officers (CTOs) should Care. CTOs are faced with pressure from both sides of the business; needs for growth and expansion and cost justification for each IT project. Institutions are spending millions each year on IT but feel they have reached the limits that allow them to contain costs yet enable large-scale acquisitions.
- Chief Financial Officers (CFOs) should Care. In the post Sarbanes-Oxley environment where CFOs are asked to sign off on financial statements, the quality of data and the systems that produce that data are being scrutinized now more than ever before. The growth that CFOs must support for the business can only come with efficient architectures and synergistic investments in technology.
- Chief Risk Officers (CROs) should Care. Risk compliance in financial institutions has become more complicated by a number of regulations such as the Basel II accord and the USA Patriot act. A siloed approach to compliance is no longer valid, significant savings can be found in the pooling of initiatives
- Chief Marketing Officers (CMOs) should Care. In an environment where CMOs are being asked to grow revenues with less manpower than ever before, new regulations are getting in their way of being effective. Privacy and opt out policies are destroying pre existing databases and making it hard to cross sell and up sell existing customers. Persistent and hidden data quality issues can only be improved through centralized data quality architecture that is linked to improved process and organizational rules for information process.
- Chief Security Officer (CSOs) should Care. New techniques and technologies for managing information represent some of our biggest opportunities as well as our greatest threats. CSOs must therefore counterbalance demands for more information and greater connectivity across intranets, extranets and the internet access models with the security risks it entails.
How MIKE2.0 Can Help
The MIKE2.0 Methodology is an approach for improving how this information is managed across the enterprise. It is a comprehensive approach, one that provides a common business strategy, technology architecture and delivery approach across information management projects. In summary, MIKE2.0 provides the following characteristics:
- Established – our Enterprise Information Management Methodology derives from successful client implementations.
- Tool-Enabled – utilises tools, techniques and templates for Information Management engagements
- Comprehensive – takes into consideration all factors contributing to data issues by considering people, process, organisation, technology and strategy.
- Modular – the overall methodology is composed of a number of smaller parts that are targeted at specific business problems. A governing framework provides continuity to the overall MIKE2.0 methodology.
- Enterprise Capable – by providing a cornerstone approach, the Enterprise Information Management Methodology provides reusable assets that can be used to build solutions at the Enterprise level.
- Actionable – can be used to create a vision and an action plan which incorporates policies, practice, standards and the system components to address business priorities as a continuous improvement effort instead of as a one-time event.
- ROI-Driven – can be used to build a business case that is used to guide the implementation programme and measure targeted benefits and benchmark realized benefits.
Although the methodology is now in a relatively mature state, we believe an open source approach enables us to engage a process of continuous improvement to deliver a model that model gives information the proper focus it deserves.
A number of Executive Overviews are available in Tutorials section of the MIKE2.0 Methodology.