Thursday the 21th Scalefree, the consulting firm of Dan Lindsted and Michael Olschimke, organised an event for the finance industry often faced with a great amount of silo’d legacy systems, faster evolving demand due to regulatory requirements and digitalization. Can Data Vault bring value and agility so much needed by the finance industry?
More than 50 attendees joined the conference, with financial institutions from US, GE, Belgium and many more.
Dan Lindsted inventor of the Data Vault opened the conference. Some of his messages he brought during the presentation:
- Data Vault is not only a data modeling approach, It is a standard that includes people & processes, architecture. A methodology ensuring CMMI compliancy level 5 when executed accordingly. The data model on it’s own will bring not the entire value.
- Data Integration needs a same approach, similar to the innovation Henry Ford brought to the car industry. Standardization and automation will allow us to cope with increasing
- Data Vault has been developed during the time Dan was working at Lockheed Martin and was designed to support a worldwide organization and to support change over time.
- Data Vault is also a logical data model, the physical data model can be different according to the platform it is implemented on. It can be partially implemented in the cloud, on premise, on relational or file based, and thus has not has to be ONE central platform. In that way the data vault can support the idea of Data hubs referred to by Gartner.
- Scalefree does deliver advice and audits of implementations on data vault 2.0. They are also in contact and advice tool vendor in guiding them towards compliancy with the Data Vault 2.0 standard.
- To finish Some Don’ts Dan provided:
- Do not build a source-based data vault
- Do not build an automation tool yourself, do not put your job at risk and leave this to the software development companies
The Agile Automation Factory presented the Foundation Accelerator 4.0 allowing companies to support agile generation of data vault 2.0 and agile build of your data warehouse.
Today 2 banking organisations use the accelerator generating Data Vault 2.0. The Agile Automation Factory will attend the wwdvc in Stowe, Vermont and is looking forward to meet you there.
At the end of the interesting day, Michael Olschimke gave some best practices for the financial industry to start with data vault in an agile manner.