Master Data as Critical Success Factor in Digitalising Service Business
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Presentation by Mr. Tero Laatikainen, Partner, Talent Base Oy and Mr. Heikki Ilvessalo, Development Director, Castrén & Snellman Attorneys about the role of Master Data in digitalizing service business. Presentation is originally presented on 24th April, 2016 in marcus evans Master Data and Enterprise Information Management Conference in Berlin. Presentation notes available under the Notes tab.
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Master Data as Critical Success Factor in Digitalising Service Business
- 1. Master Data as a Critical Success Factor in Digitalising Service Business Case Castrén & Snellman Attorneys
- 2. Presentation at marcus evans Master Data Management Conference in Berlin. 25th of April, 2016 Please find the presentation manuscript from the Slideshare Notes tab below the presentation.
- 3. Moving Towards Further Levels of MDM Maturity CONFERENCE THEME:
- 7. Customer centricity and regulatory compliancy in digital disruption
- 8. Implementing an extended relationship management into business practices DATA PROCESSES IT-SYSTEMS
- 9. Responding to changing regulatory requirements EU AML DIRECTIVE EU DATA PROTECTION DIRECTIVE LAW ON INSIDER TRADE
- 10. MDM Journey
- 11. Project phase: Building a solid MDM foundation and engaging business stakeholders
- 12. Profiling and Data Standards
- 16. Bringing Master Data quality close to everyday work
- 17. Setting the data quality indicators
- 18. Making data quality visible in operational systems
- 19. Data quality visible in XRM system
- 20. Highlighting dublicates in XRM system
- 21. Enabling innovations with Master Data
- 23. Building block of innovation
- 24. Global business partner map
- 26. More about Talent Base www.talentbase.fi More about Castrén & Snellman www.castren.fi
Hinweis der Redaktion
- TERO LAATIKAINEN, PARTNER, TALENT BASE OY: My name is Tero Laatikainen and I come from a professional services company called Talent Base, where I work as a Director of Infomation Management Services. Talent Base does not represent any software, but instead focuses on strategy, data, process, goverrnace and solution design in MDM programs. With me I have innovative Development Director Heikki Ilvessalo from Castren & Snellman Attorneys representig client’s voice, a.k.a the truth. HEIKKI ILVESSALO, DEVELOPMENT DIRECTOR, CASTRÉN & SNELLMAN ATTORNEYS: Introduction of Heikki and few words about Castren. I’m going to discuss today the main drivers that lead our firm to invest on Master Data management. I’ll also introduce you how we have visualized our international network. Our mission statement at At Castrén & Snellman is that we have the passion and knowledge to help our clients succeed in a rapidly changing world. Our clients consist of Finnish companies, as well as foreign companies whom we serve across borders through our international partnership firms and through our own offices in Russia. Our services range from transactions and disputes to other specialised fields of business law. The biggest challenges for our clients in Europe at the moment are among others increasing regulation and expansion into new territories driven by globalization. For law firms the main drivers of change are globalization and digitalization. I personally think, that digitalization in practice is about creating better and closer relationsships with clients by utilizing data. Legal business is all about trust. In the new digital world, data is the number one building block of client value and efficiency – which in turn are key factors of trust in our business. Therefore I would like to build a data driven advantage for our firm.
- TERO: In our presentation ”Master Data as a critical success factor in service business digitalisation” we will focus on four topics. 1. First Heikki will address the drivers behind the Castren’s data driven mind set and decision to invest on management of client data 2. Then I will briefly run through the steps that we have taken along the MDM project phase and reasons why any of those steps could have not been by-passed 3. Third part is about keeping up the once gained data quality. How in everyday operational work we can keep up and sharpen the quality of data, which was cleansed with biiiiiiiiiiiiiig amout of labor intense work during the MDM project phase. 4. In last section we will show you how innovations are enabled with Master Data
- Tero: This chapter will introduce the main drivers that made Castrén to invest in Master Data management and started the journey towards becoming a data driven law firm.
- Heikki: In 2011 we made a decision to invest on extended relationship management to serve our clients better. Beside the management of client relations, the scope of the project also covered management of international business partners. To us, our xrm project was not a software project, but instead a business development project that included the development of key processes and data. One of the key development areas was the management of our international network, in other words the creation and development of partnerships with international law firms.
- The project was not only about being able to serve our clients better, but also about meeting the requirements set by laws and regulations. We needed to respond to the requirements set by the EU Anti Money Laundering Directive and laws related to handling of insider information. Later also the EU data privacy directive and EU sanctions policy introduced loads of new requirements. Our investments in master data and our business processes have significantly helped us to respond to regulatory challenges.
- Tero: In this chapter I will walk you through the Master Data Management steps that were needed to enable extended relationship management and to comply set regulatory requirements from client data perspective.
- Tero: Data Standards were the first path on road. Standardisation means here creating the common language and rules for Master Data: Dictionaries, conceptual models, logical models, business rules and content requirements. Standards were formed by first analysing the current data and its challenges, then collecting the client and business partner data requirements from different business units and finally analysing known regulations. Also the matching rules were formed.
- Tero: After we realised what data is needed to success, it was time to analyse the current processes and how they can fulfil the set data requirements. As-is analysis was followed by the governance model, where responsibilities on data management were agreed and ownership pointed. To put it really simply, assistant lawyer was the place where data maintenance responsibilities landed and client ownership was pointed to the client responsible sales managers.
- Tero: One of the biggest sub projects was the cleansing and enriching of existing data and getting the rid out of the duplicates to fulfil set business and regulatory requirements. Before being able to deduplicate, we needed lots of enrichment as half of the organisation records didn’t include external business identifier. For those of you who have worked with client data understand how crucial external business identifier is to validate and later match corporate records. We took the approach, where the most valuable and promising clients were cleansed and deduplicated first, so sales would have most important clients ready when new XRM system was launched. Rest of the data was cleansed operationally within the last three years by a dedicated team.
- Tero: In set operational model, client and business partner data management activities were centralized to the new XRM system. It included few to mention - Data and business rule validation rules in UI - Master Data creation, update and deletion workflows - Solving of deduplicates Beside the XRM system, our approach also required separated MDM tool where duplicate matching was done, data quality analysis were performed and data synchronisation completed. Deployment of centralised Master Data management model was not painless, it meant that lawyers are not anymore able to create client and partners as needed, but instead request the creation from a responsible assistant team. Key was to train that team to really understand data rules and importance of the content accuracy. Still, deployment of the data management practices was a minor thing compared to the deployment of common extended relationship management processes and the new tool supporting it.
- Tero: In next chapter I explain our approach to keep once, in project phase, cleansed data in good shape. For ever. And ever.
- Tero: Before you can visualise and go ask someone to fix data, you have to define business critical data quality indicators. We created a simple list of indicators derived from business rules recorded in data standard. It formed a list of +50 quality indicators, from simple missing values in some fields to more complex rules including business logic: E.g. client lifecycle phase had to correspond clients purchasing activity acquired from invoicing system.
- Tero: When I say that data quality has to be communicated via gently in-your-face approach I mean that it needs to be taken further from Data Quality tools and reports and made visible to operational users in those tools that they use to perform their daily activities. Those tools that have natural suction from need of use perspective. We decided to made data quality visible in XRM, where all the client and business partner activities happen. When lawyer opens client form in XRM, there is a list of quality issues visible in the Data Quality tab of the form. It also highlights duplicates, so end user can really understand if there is one and check how transactions are divided between those duplicate records.
- TERO: In this last chapter we explain how our investments on Master Data and processes will and have already helped us being more innovative.
- Tero: This innovation model highlights the importance of quality data and well defined processes in order to make innovative solutions effectively. At the bottom is the data. All solutions need it. The better the quality and its descriptions, the faster it is to take it in use. In the middle there are processes. You need to understand your processes to be able to optimize them for the needs of the innovative solution. This raises the importance of proper process definitions, even more now in the era of digitalization. On top there are the applications. Although we talk about application economy, we need to understand solution in much wider scope than just apps: They can be huge operational systems, or minor minor niche solution, like playing card teaching the notes. These building block are like senses, if one is missing, you have to compensate it with other: If processes are unclear, you need to build more complex logic to solution or implement totally new processes, which tends to cause change resistance. If data is not in shape, shared and well defined, you always need to do the data work as a part of each and every solution. And you people know how much data work requires resources. Sure one can make solutions without good processes and data, but then you need to build them case-by-case, and that’s rather expensive, slow and not very motivating.
- Heikki: Here is our example of an innovative solution that we came up with, to visualise and communicate our global reach. The idea of the solution is very simple. For example if our client needs legal services in Berlin. The client clicks Berlin on the map and then on the particular service the client needs. This way the client finds the right lawyers to contact, who will then handle the cross-border coordination of the matter. This map solution utilises our existing business partner, contact person and lawyer data. The data needed some tweaking to include GPS coordinates and city information, but it was achievable, as we knew what processes maintain the data on business partner relationships. We published the solution in March 2016 on our website www.castren.fi. With this solution we stand out from our competitors in visualizing a reliable global presence. I’m very proud of our people and Talent Base who co-created this one of a kind service.
- Tero: In the beginning we introduced the business drivers set for client Master Data Management. To finalise the presentation, I want to look the achiements against them: Client relationship management have taken big leap forward, today all the client activities are captured and shared transparently in single platform using shared master data. Same time we are able to attach transactional data from others systems to these clients. Client 360 is enabled, but we still need to integrate more data from transactional systems and focus on presentation layer to create great dashboards and data visualisations. Regulatory compliance: After implementation of XRM processes and system, there is no more possibility to onboard client without filling the AML directive requirements as well as requirements of insider information limitations. To put it in euros, this way we can avoid fines that are in minium 1 miljon euro. Top of this, work done with contact person data eases to fulfil requirements of EU person data directive. At the end of the day when Castren’s mission is to have passion and knowledge to help clients to succeed in rapidly changing world, we have made a lot to ease fulfilment of that mission by providing good client understanding via extended relationship management and built a stable foundation to create innovative solutions effectively in rapidly changing world via good data and processes. That sums it up, one cannot forget the importance of proper data, process and governance design to be able to manage client relationships well, fulfill the regulatory requirements and build innovative solutions effectively. In digitail age processes and data are more crucial than ever!