Karachi, December 14, 2020 (PPI-OT): Systems limited in collaboration with IBM hosted a live webinar “Data Governance: Bank on the Right Way” that focused on governance of data in the financial sector. The focus was on how financial organizations, especially bank, can navigate their data and mitigate risks, using state of the art technology that need to empower themselves to protect their enterprise and maximize benefits.
The virtual event was hosted by Sarfaraz Paracha, Vice President – Client Engagement at Systems Limited, who kicked off the session by highlighting the contribution of IBM in the industry for the past century. He went on to shed light upon the achievements of Systems Limited as the Top IT Exporter of Pakistan and being the first and only Pakistani technology company to be awarded the Forbes Asia’s 200 Best Under A Billion Award, which is a testament of their influence in the IT landscape of Pakistan towards a digital tomorrow.
While setting the stage to the webinar topic, Sarfaraz Paracha emphasized on “How banks need to empower themselves not only to protect their enterprise but to get to the level of maturity needed to maximize these benefits from the volume of data they generate.”
Sohail Chaudhry, Data Analytics and Growth Leader at Systems Limited, was the first speaker at the webinar. He has over two decades of experience and rich experience in the field of analytics, BI and data governance. In his presentation, while speaking about the challenges and pain points of data warehouse, a key takeaway is that data warehouse implementation all across the world fails in the first round of performance due to various underlying reasons. The magnitude of this challenge was shared which was supported with statistics. He stated that strong management of this mapping and data prioritization is required to continually progress the customer journey.
An adoption of customer centric approach was discussed, how the data handling techniques have evolved. “The first line of defense for data is data usage entitlement; who can access which information is of high value. With a rise of complex regulatory environment, the need for a comprehensive and consolidated view of the data that can come with intelligent data and relationship mapping tools is compulsory”, he added. On top of that, the importance of the data readiness in terms of ML and AI of the data governance framework was also discussed along with data governance practical approach.
Umar Kazmi, Data and AI Technical Sales Leader from IBM Qatar, took the session forward by elaborating how technical solutions can be used to mitigate the challenges discussed earlier. He shared that most of the organizations today have a standard BI tools and data warehouse but in the Pakistani market even that is absent. The importance of integrating AI driven analytics model, was highlighted that can assist organizations in driving meaningful insights which in return improve operational efficiency.
“The first fundamental that we have to remember is that there is no AI without IA (information architecture). So, IA is not only about exploring data by having brilliant big data platforms but basically how you govern your data. No amount of AI algorithm is sophisticated enough to cover up the lack of data management”, added Umar.
A decade ago, there was only one data point, if you talk about the banking sector, but today that number has increased drastically. This makes it vital to collect data from all data points to generate meaningful insights. Curating and refining the data is yet another major challenge faced by organizations today, which can only be done by creating a synergy between your technical and business team. The concept of DataOps was then mentioned which is a platform for the coordination of people, processes and technology to deliver high-quality data continuously. It helps in curating the data, data assessment, data integration and then testing the data with the help of Watson Knowledge Catalog. Cloud Pak for Data was also described as a solution for the challenges at hand with the assistance of Data Discovery, AI Governance and Data and Business Lineage capability.
The webinar talked comprehensively about data management, data governance, its challenges and then the technical solutions to address it in organizations today. It concluded with a live Q and A session where the experts took and answered questions from the audience.
For more information, contact:
Assistant Manager, Marketing and PR
Systems Limited
E-5, Central Commercial Area
Shaheed-e-Millat Road Karachi-75350
Phone: +9221 34549385-7 X 227
Cell: +92 322 8000035
URL: www.systemsltd.com
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