Companies in different industries deal with a massive amount of data from its generation till the management and usage. The journey of going from Raw data to finished data it requires constant management. To ensure and measure the capability of data, The Data Management Capability Assessment Model (DCAM) came as a helping tool. It is the industrial standard set by Enterprises Data Management Council to Frame the best practice for the Data management experts. EDM with a mission to “ Elevate the practice of Data Management through Best Practices, Data Standards, Research and Education”. DCAM is divided in 8 categories, 36 capability areas, 112 sub- capabilities and 306 objectives.
The Question: Why it is needed?
From very start when information technology was in its infancy, companies from then until now was doing well. So, what went wrong why it became very much important to understand the capability of data and its accessibility? On analyzing the reason behind the development of such model could be the crisis of 2008 which picturized the evil truth behind the downgrading of US economy.
Financial crisis 2008
Bits and small evidential pieces of data were not carried throughout the process.
No proper linkage of underlying loans.
There were no predefined standards for identifying the structure of collateral mortgage instruments.
There were no unique identification about entities ownership structure and thus the answers to the questions of ‘who is who’ and ‘who owns whom’ were not clear.
How it helps
DCAM has developed based on the common ground experiences of number of data management professionals and the experts that is:
It helps in defining the long-term goal of the data management program.
Helps in creating blueprint to gain internal alignment.
Helps in adhering to an industry best practice.
It helps in comparing the internal data management program to the EDMC Global Industry Benchmark.
How model works
- Program Instigate:
The model is being used as a guiding Tool to help in instigating new data management programs and to help in alignment of existing programs for the backing of best practice.
- Self Assessment:
Firms are deploying this Model to evaluate their programs, educate their stakeholders, and identify gaps in current programs.
- DCAM Education Framework:
This Model helps in understanding the core perspective on data capabilities for the development and implementation of practical data management strategy.
- Set Benchmarking and Regulatory Preparedness:
The model helps in compare their progress through global industry benchmark against peers.
DCAM Model Components
- Data Management Strategy:
It defines the future perspective of the data management program.
- Data Management Business Case:
This mechanism measuring the costs and benefits analysis. It helps in understanding the importance of engaging senior executives and key stakeholders for approval funding
- Data Management Program:
This ensure that the organization is standing on the sustainable data management program.
- Data Governance:
This defines the operating model and the importance of policies, procedures and standards engagement.
- Data Architecture:
This speaks about the design, definition, management and control of informative content.
- Technology Architecture:
This focuses on the relationship of data with physical IT infrastructure. It includes the platforms and tools to support data management implementation.
- Data Quality:
It refers to the concept of fit-for-purpose data and the goal is to create data that have users trust .
- Data Control Environment:
It defines the data lifecycle process and how data content management is being integrated into the organization ecosystem.
What analysis says?
Today’s organizational environment start by recognizing the need of proper data management. This is a new concept for many organizations. It is not easy to articulate and not very well understood but DCAM helps in identify this framework.
So, the challenge is to manage data by gaining insight from analytics, feed our models with confidence, enhance our services to clients and capitalize on new but often fleeting business opportunities.
DCAM provides the guidance needed to assess current state, and provide the objectives of target state, for the data programs.