When Acquisition Drives Audit

Meet Alex, the Senior Director of Analytics at a mid-sized real estate investment company that specializes in financing solutions for real estate investors and homebuilders. Following an acquisition by a publicly traded company, Anchor Loans was now subject to heightened regulatory standards. This transaction led to an imminent internal audit, driving the need for swift and efficient establishment of a compliant data governance framework.

The Problem

Alex’s company was great at analytics but lacked the internal expertise and experience to confidently tackle the implementation of data governance within the tight timeline. They needed a solution that not only ensured regulatory compliance but also provided a sustainable framework for managing the program in the long term.

Did you know?

The absence of a formal data governance program is startlingly common, with a mere 29% of companies adopting such a structure, according to Experian. Even more concerning is that within this minority, a staggering 75% exhibit deficiencies in the necessary skills to effectively implement these programs. This glaring skill gap underscores the critical need for not just the establishment of governance frameworks but also the acquisition of proficient skills to navigate and manage data effectively within organizations.

The Dilemma

While many of the consultancies they researched offered data governance solutions, most of the proposals had a common theme. Some were costly, while others appeared to be high-level strategies without timely practical outcomes.

After various presentations, Alex’s company chose to work with Data Meaning. What set them apart was their innovative approach to data governance implementations. Instead of taking over the entire process and later transferring knowledge, they proposed a collaborative model that focused on workshops, training and guided implementation.

The Solution: A Collaborative Model

The comprehensive solution was designed to provide a holistic approach, catering to every aspect necessary for a successful data governance implementation at Anchor Loans. It comprised a series of workshops, tailored blueprints, and templates to equip Alex’s team with the essential skills and tools. Furthermore, expert consultants from Data Meaning offered guided advisory, ensuring hands-on support and best practices were employed throughout the implementation process, solidifying a robust foundation for data governance within the organization. The full solution included:

  • Workshops: Structured workshops that equipped the Alex’s team with the skills needed for a data governance implementation and post implementation maintenance.
  • Tailored Blueprints & Templates: A customized Data Governance blueprint, integrating DM’s proprietary Data Governance framework and templates. These assets accelerated implementation and established valuable intellectual property that was transferred to Anchor Loans.
  • Guided Advisory: Expert consultants from Data Meaning worked alongside Alex’s team, providing hands-on guidance, best practices, and side-by-side support during the implementation process.

Defining the Hero of the Story

The success of organizational change hinges significantly on the integration of internal employees within implementation teams, a fact emphasized by the Project Management Institute, which highlights that organizations are twice as likely to fail without this integration.

It’s a defining moment where the hero of the story emerges. Instead of opting to outsource or hire external help, empowering internal teams becomes the narrative. The choice made wasn’t just about getting the job done; it was a statement that the organization believed in the potential of its own people to take charge, be empowered, and drive the success themselves. This decision to trust and integrate internal talent within implementation teams often marks the difference between mere project completion and remarkable, sustainable achievement.

A New World: Life After the Implementation

In the dynamic landscape of data governance, the right approach can make all the difference in the success and sustainability of an organization’s data management. With a successful data governance implementation, Data Meaning was able to deliver four key benefits:

  1. Swift Implementation: Data Meaning’s proven data governance blueprints enabled a swift implementation of a robust data governance framework.
  2. Cost-Effective: Data Meaning’s blended rate of experienced US-based resources and local talents in LATAM ensured a cost-effective solution without compromising on expertise.
  3. Sustainable Knowledge: The collaborative approach allowed the company’s team to build a deep understanding of data governance principles and practices, enabling them to manage the framework independently.
  4. Efficient Learning: Unlike the traditional approach where consultancies handle everything and transfer knowledge later, this approach allowed the company’s team to learn and contribute actively throughout the implementation.

Lessons Learned: This experience highlighted that a successful data governance implementation goes beyond meeting immediate compliance needs. Collaborative approaches that provide training, guided advisory, and a blend of expertise can result in effective projects that empower internal teams, foster sustainable practices, and optimize costs.

Testimonials

With an outstanding team of data governance experts, we are proud to share some customer testimonials that reflect our accomplishments across various industries and functions. These testimonials stand as testaments to the transformative impact of our collaborative approach, expertise, and commitment to empowering internal teams, fostering sustainable practices, and delivering cost-effective yet comprehensive solutions in the realm of data governance.

I’ve been very impressed so far with the knowledge the team brings to the table, and I believe we have the right team to aid us in supporting our business processes.”
– Manager, Sales Process and Monroney Systems at a Global Auto Manufacturer

“Great progress on the engagement. The execution has been strong!”
– Director, Insights & Product Innovation – Mobility Solutions at a Multinational Tire Manufacturer

“We have worked very closely with Data Meaning to create an overall solution. Data Meaning has proved to be a strong partner both creatively and technically, which has helped us make our vision a reality.”
– Head of Brand & Business Development at a Luxury Sports Car Manufacturer

“Our senior management is extremely impressed with the knowledge and know-how of the Data Meaning team.  Their professionalism and knowledge of the BI Space is incredible.”
– Chief Operating Officer at a Health Management Solutions Provider

Ready to Get Started?

Data Meaning provide specialists with deep domain experience to implement Data Governance frameworks that align with industry standards and accelerate time-to-compliance.   

We help teams accelerate time-to-compliance by leveraging our specialists with deep domain experience in the following areas: Governance framework and policy; Data Asset Management; Data Quality & Compliance; Governance Metrics & KPI´s; Risk Management; Tools and Technology Recommendations; Training and Communications; and Planning and Roadmap.