Data Management: Third-Star Fin. Inst. & Improving Data Value - Essay Sample

Introduction

Data management is described as the development, supervision of arrangements, as well as execution of plans, policies, and practices that are essential in controlling, protecting, delivering as well as improving the value of information and data assets (Dietrich et al., 2012). “The Third-Star Financial Institution is an alternative banking firm that was formed from the purchase of various money transfer operations in different locations in America in the late 60s through the 90s.” The company provides money transfers as well as other related services in over 3000 areas in the US, more than 2000 locations in Canada, as well as over 10,000 places in other states. The company has, however, has made several attempts to build the company warehouses; however, it has not undertaken an enterprise architecture of a data warehouse design.

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Current Situation

The Third Star Organization presently operates internationally with many of its subsidiaries located in other states. The online company facilities were established back in the year 2009, and it allows the customers to either conduct their transactions through the agent or directly via the online platform. However, it is essential to note that the online system is not linked to the agent's systems. Therefore, it is safe to say that the company is structured in a patchwork form of operation as the company has, over time, acquired numerous small agent-based money transfer firms. And therefore, this has resulted in innumerable systems use by agents, and none of which was linked to each othered, and that means no communication between the systems. In light of this, the agents have raised concerns about the difficulties experienced with their designs as well as the low quality of customer data.

Assessment of The Already Existing Tools, Technologies and Components

In modern business operations, managing risks across the enterprise is essential in ensuring that a company remains viable in the long-term. The quality of data is the primary purpose that an organization would consider any data management program.

It is, therefore, essential to note that if the hardware and the operating systems are utilized effectively, they can be very beneficial to the organization. Many of the company subsidies, including the headquarters experiences bandwidth and network problems, and are because of a lack of robust network architecture. If the company management is compared against the DAMA DMBOK fundamental principles, the third stir company has no data development, security, database operation, reference as well as master data, data quality, and document/content. It is, therefore, essential to note that most of the data management practices that are described are not undertaken in daily activities.

Operational Impact

Financial services associations can be improving the company data consistency as well as the operational effectiveness by modifying the firm data management base so that critical applications access and update the same central data repository. To enhance data governance growth over time (Mendling et al.,2018). It is therefore suggested that a staged methodology would be taken with development as well as targeted focus.

Conceptual and Logical Model

The terms logical, conceptual as well as physical are commonly employed in the data modeling process to separate level of reflection versus subtle component in the model (Atzeni et al., 2016). Therefore, an abstract entity relation model illustrates the ways the business world perceives information. A conceptual model, thus, incorporates several critical attributes to the argument of the definition and visualization of a firm.

The Conceptual Data Model

Using the conceptual data model, the company can start laying a foundation for creating the company business system and how the company would want all the aspects to connect. In this case, the top most business levels can be identified together with the system entities as well as define the link, the scope, and the issues to be addressed.

The Logical Data Model

The logical data model or, in other terms, the logical scheme is an information model that represents a precise issue are expressed separately of data management artefact or the physical data model nevertheless in a data structure such as rational columns and tables, or the object-oriented category. Therefore, the logical data model for Third-Star Company is illustrated in the conceptual data model given below because is describes the semantics of the data context, which should be reflected in the logical model.

The Physical Data Model

A physical data model for the company illustrates all the structures comprising of column designations, the data form in individual column, the column constraints, the primary as well as the foreign keys, as well as the connection between the structures. Therefore, the features that a physical data model represent comprise of stipulations of all columns. And the foreign keys are employed to pinpoint the relation between the tables.

The Summary of The Component Necessity

At the center of this star company, there is the client or customer entity. Therefore, for a customer to make any transaction, they need to be account holders with the company, and this requires them to visa the Third Star branch or headquarters to complete any transaction. There is a client reference identity that is linked to the customer transaction and linked to the account. Each client has a different customer identity that sets them apart from all other clients. The transaction type or form specifies the mode of payment that the client wishes to use, for instance, the use of a master or visa mode of payments. Therefore, since there might be several individuals using the same account, an account number is provided to the customers, and this is necessary as it eliminates duplications.

Technology Evaluation

The Third-Star Financial Institution has various branches both in the united states and outside the country, and therefore it is recommended that it employs both the Teradata and Hadoop.

Benefits of Using the Technologies

Since the company has multiple branches internationally, it is therefore essential that it implements a technology that can support services and support its numerous features. Also, having large data storage is necessary for the company (Yang, 2011). Consequently, Hadoop offers massive storage for all and any type of data that an organization has, it is additionally flexible as well as versatile ibn data storage and processing, all kinds of information which include unstructured, videos, imagines can be stores and later on processed. The Hadoop is scale full makes it an perfect fit for the corporation since with additional accounts and clients, their information keeps on increasing (Rohit, 2018). Additionally, Hadoop is protected against hardware failure during the storage and application of data. In the vent that the nodes shut down, the information is automatically redirected to other nodes to ensure that the computing does not entirely collapse.

The Teradata can, therefore, be employed in the data mining process. The information gotten from the data mining process can, after that, be used in the improvement of the company service to its customers. Through the employment of the Teradata technology, the Third-Star Company can be able to predict the customer behaviors, and the after provide to their customer's needs (Wang et al., 2015). Additionally, the company can secure and protect both its internal and external data effectively through the use of Teradata in addition to providing personalized services to its customers.

Disadvantages

Just managing a complex application such as a Hadoop is challenging on its own. Therefore, it can pose a security issue in changing the individuals tasked with the responsibility of managing it fail to do it effectively. Additionally, the is the stability risk associated with the implementation of a Hadoop. Therefore, the organizations should be advised to run the latest version to ensure that it works as required.

DAMA-DMBOK Recommendation

A methodology is presented and is founded on the industry's best activities to assess the readiness of a firm and its data seta amongst the different levels of information integration. An integration level model is therefore introduced, and it is used to quantify a company and the system readiness to shared data at some level of information integration.

Information and The Data Management Enhancement

The enhancement of the data management activities might be the critical emphasis for some of the connotations across each of the overall private sectors. Most of the companies do not plan their information technology enterprise talking into consideration the tremendous redundancy in data process and technology. Therefore, most of the issues with the quality of data resulting from the lack of management at the enterprise level. With the DAMA-DMBOK concept, the company can develop and also implement an enterprise data strategy (Mosley, 2010). Create a stages topmost level implementation roadmap for each DAMA-DMBOK element, i.e., the current state to future one. It also created, and implementing sustained communication as well as socialization policies for data management throughout the organization.

Ethical Consideration

Great ethics is additionally a great business. The beginning of any international ethics and compliance plan is the board of directors as well as the senior organization management in addition to the awareness that they share with others to guarantee the reputation and the budget resources of the shareholders (Darcy, 2015). Treating the company clients with the utmost respect, sincerely constructing an association's notoriety and brand while attracting the best employees and business associates. An organization that strengthens the ethical behavior is a critical part of the successful in overseeing risks across all enterprises.

Ethical practices are a significant part of doing business, and they guarantee good customer

relation, sustenance of the organization notoriety, fascination of the best employee base as well as the business associates. Therefore, the association's concept should take into consideration the continual development as well as benchmarking of best activities in its ethical and compliance plan (Di Florio, 2011).

In financial services, ethical issues affect everyone. Some of the critical moral issues that most organizations face are trust and integrity. A crucial understanding of integrity in business operation include incorporating ideas of leading your organization practices with honesty as well as promise to treat all employees and clients fairly. Ethical decision making in the organization is an essential tool that is employed in investigating all the ethical issues as well as reorganizing the causes of the ethical issues in the organization (Rockart, 2009).

Conclusion

In general, though the suggested technologies, the company should be able to improve on its operations, increase its market share and presence, decrease the employees' turnover rate while attracting intelligible workers through training.