a first step to mastering data l #ECCMA and #eOTD

While the ECCMA (ehttp://www.eccma.org/aboutus/aboutus.php) may appear to a layperson to be more manufacturing industry focused, in actuality, their focus on an OTD ( Open Technical Dictionary) is applicable to any industry.  For example, see below for the ECCMA’s “practical steps for the financial industry.”

With today’s SaaS and cloud applications growing in use by corporations, data portability will be key to allow true vendor-independence.  IT can take a leadership role today by defining how to best separate data (and keep separate) from applications as well as how and where to store the data.  This then lays the foundation for a true corporate-wide Master Data Management focus, which does not need to be implemented as a multi-year project before receiving benefits (http://www.itconnecter.com/wp-content/uploads/2013/10/0912-MDM-Bests-Review-Published.pdf ).


Practical steps for the financial industry:

1. Never use proprietary concept identifiers for the purposes of encoding your data.
2. Do not store or use third party identifiers for which you cannot obtain the authoritative characteristic data necessary to validate the identifier.
3. Create a reference from all third party identifiers by associating the third part identifier with an identifier of the organization that issued the identifier.
4. Use Government issued identifiers whenever possible.
5. Do not use third party identifiers as look up fields in your data without a valid license.
6. Where possible obtain the data model from the authoritative source and identify and separate the data elements used to validate the identifier from any associated data.
7. Use identifiers correctly, always validate identifiers using all the appropriate characteristic data.
8. Create and manage a data requirements registry and the associated terminology in a corporate dictionary.
9. Measure the quality of your data by comparing your data to your data requirements.
10. Track the source of all data at the data element level as specified in ISO.

Focused on TBM, Technology Business Management ("run IT like a business"). - 30+ years of experience, in providing IT strategy, process, application, RAMP, hardware, software, network, internet and cloud solutions to financial services, MRD and high technology companies from startup to F500. - 20+ published articles on the intersection of business and technology. - Startup advisor and mentor to a dozen startups, four of which were acquired and one of which is newly-launched (ITconnecter, a Crosswaves Ventures LLC company). - Specialties: IT Technology Business Management (TBM, aka "run IT like a business"), strategic partnerships, technology innovation, solutioning and program/project management (onshore, nearshore, offshore). Technology consulting focused on innovation, built around process, data and integration (cloud, social networking). We use I/TBM financial management best practices to help mid-size and large enterprises ensure they are meeting the needs of their business effectively and efficiently.

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