Abstract:
A system for Chief Data Office is provided, as well as a defined structure, that has not previously existed, to expedite the process and reduce room for error while saving valuable time and money for those managing Chief Data Office. The predefined templates included in the software greatly reduce the room for error while making data management easier for all of those involved. Now that industries are transforming into more computer centered data storage models, the value of data is quickly becoming recognized, and the need for tools such as this to improve accuracy, value and efficiency are in exceedingly high demand, with no other tool such as this existing today.

Description:
FIELD OF INVENTION 
       [0001]    This system is a handy application designed and developed to support Chief Data Office functions. Chief Data Officers or Head of the Data and Analytics groups can leverage this application to quickly define and manage the enterprise data strategy, and related functions, a task that normally involves spending years of time and tens of millions of dollars, is simplified into a one-month template driven process, with software automating some of the banking industry&#39;s most stringent reporting guidelines and assessments. Most importantly, it minimizes the risk of error because of its predefined industry standard templates. 
       BACKGROUND/DISCUSSION 
       [0002]    In the absence of this tool which does not currently exist today, Chief Data Officers spend their time on efforts resulting in up to several years and tens of millions of dollars of investments. The lack of a standard for enterprise data strategies is clearly causing issues industry wide, as organizations come across various dilemmas. These dilemmas are complex questions such as, “Should they explore and address more revenue generating mechanics, support the regulatory compliances or maintain a pace with evolving business transformation strategies?” “What type of data strategy fits a centralized organization vs. federated or distributed organization?” “How do we address the strategic priorities vs. tactical problems?” These are confusions every Chief Data Officer will experience without this application, and the ability for users to select a template that most closely matches their needs eliminates this, as well as the room for error. 
         [0003]    Based on my experience and successes at various companies in a variety of industries, I developed a methodology that addresses this complex problem at its root. Although the science may not seem very complex, it has been shown to help keep data teams more focused, while realizing the business value in regular intervals. Defining an Enterprise Data Strategy is a five step process, and can simplified with this program which contains a number of predefined templates, saving valuable time and money among a wide variety of organizations. 
         [0004]    No other application existing today for the Chief Data Officer or the data and analytics team leads to, from a predefined template without working from scratch:
       defining and managing enterprise data strategy and business data roadmap.   defining and managing enterprise data management functions like data operations, data science and analytics, data governance, data quality, data administration, data architecture and strategy   capturing, prioritizing and managing the data demand   planning, executing and tracking data initiatives   performing data maturity assessment, comparing and contrasting the data maturity of past 5 years   creating data governance organization setup with data domains, policies and standards.       
 
         [0011]    This application is a handy tool that comes with pre-defined standard templates, custom for a variety of industries. Users can select the suitable template for each function that is closest to their company business, and then further extend it as needed. It can be used in virtually any platform, including Hadoop, RDBMS like Oracle, and SQL Server. Using this application, a CDO will be able to do the above listed activities in less than a month—saving time and millions of dollars. Most importantly, the room for costly errors is greatly reduced due to the predefined industry standard templates. 
       SUMMARY OF THE INVENTION 
       [0012]    The application is extremely innovative and unique regarding its specific abilities and functions. Its objective is to create a robust and powerful application for the Chief Data Officers that will help them define the Enterprise Data Management Organizations and its related functions quickly, resulting in more reliable data experiences for customers, as well as those working in the industry. 
         [0013]    CDO application will present the following features, making it user-friendly, efficient and highly valuable:
       This application comes with pre-defined, industry standard templates from which to choose and enhance to fit enterprise needs, eliminating the need to start from scratch and spend years of time and millions of dollars.   It provides pre-defined templates of industry best practice, data strategies from which to choose and enhance based on a company&#39;s needs. Several data strategy templates are provided, including the “data transformation strategy,” “data optimization strategy” and “custom data strategy.”   This application addresses four key data management areas, which are:   1) Enterprise Data Strategy,   2) Data Governance Framework,   3) Risk Data Assessment, and   4) Functional Organization Structure   It allows users to standup the data governance framework, to select data domains from the pre-defined templates, as well as select data policies and data standards.   It provides the data maturity assessment templates, allowing the company to assess the maturity of data capabilities and related functions. Users can compare 5 years of data maturity progress. These templates come pre-populated.   This application provides pre-populated reference data screens of Data Objects, Critical Data Elements, Guiding Principles and Standards.   This application provides industry standard pre-defined Domains and Policies templates to select from and manage the data governance tasks.   It provides pre-defined industry standard CDO organization templates for Chief Data Officers to use. These templates may be used as is or enhanced based on need. It can manage a four tier chief data office organizational structure.
           Tier 1 is the CDO “Chief Data Office”   Tier 2 includes the pre-defined CDO functions like data demand management, data governance, data science, data operations, data quality, data strategy and architecture   Tier 3 includes the pre-defined data management initiatives under each data function. E.g., MDM, BigData, Metadata, Data Governance, Anti-Money Laundering/Bank Secrecy Act, Fraud Analytics, Customer Lifetime Value, Digital Platform   Tier 4 includes the pre-defined milestones under each initiative   
           Defining an Enterprise Data Strategy is a five step process.   This application provides predefined industry standard Data framework templates   Data capability user screen allows users to quickly assess the data capabilities.   Fit/Gap analysis template pre-populates the leadership vision, business drivers and business line priorities. It allows the users to compare with data capability assessment, and the outcome of the comparison is either a Fit or Gap. All Gaps are converted into data initiatives.   Business data roadmap user screen is one of the key features of the enterprise data strategy, providing a plan to address both the strategic goals and tactical problems resolution.   This application provides pre-populated CDO functions, and Data initiatives.   Users can select the suitable initiatives and define the milestones.   Users can drag and drop the data functions and initiatives under each function.   Initiative Milestones will be populated from the initiative reference data tables.   It provides 360 degrees&#39; view of data demands, from capturing the demand, mapping to inflight initiatives and tracking the status of each milestones.       
 
         [0040]    Yet another remarkable objective of the application will to be to define separate sets of milestones for every single capability. The application will also come with the additional ability to assign the various individuals who are supposedly responsible for handling and managing every single capability. 
         [0041]    This application is not existing in the current market and is thus, the first of its kind. Therefore, this invention will set the foundation for defining enterprise database management operations easily, without any hassle. 
         [0042]    This application has an option to select from predefined templates for almost every concept in the application. Its flexibility to work within almost any database, such as Hadoop, RDBMS like Oracle and SQL servers, is combined with its flexible drag and drop features, which eliminate manual entry into the application, further eliminating the room for error. 
       APPLICATION ARCHITECTURE 
       [0043]    Presentation Layer 
         [0044]    Technologies used: 
         [0045]    ANGULAR JS, ANGULAR MATERIAL, HTML 5, JSON. 
         [0046]    Brief Summary
       User Interface (UI) provides rich user experience and is easy to navigate the pages. Options like Drag and Drop eases the way the user gives input.   It&#39;s also possible to create templates and reuse the template with different options. Angular Material provides light-weight UI controls. Hence, accessing UI becomes faster.   CRUD operations for different modules like Enterprise Data Strategy, Data Framework and Risk Data Assessment can be accomplished easily.       
 
         [0050]    Services Layer 
         [0051]    Technologies used: 
         [0052]    Spring REST, Spring MVC, Hibernate. 
         [0053]    Brief Summary:
       Spring controller processes the request received from the client, and routes to corresponding REST implementation.   Spring REST uses Service Classes, Entity classes, Hibernate, DAO       
 
         [0056]    Implementation to perform CRUD operations in the Database.
       Hibernate provides option to switch the DB without changing much code in the service Layer.       
 
         [0058]    Persistent Layer 
         [0059]    This application supports Hadoop&#39;s HIVE and relational data bases like Oracle, MySQL and MS SQL Server. 
     
    
     
       DETAILED DESCRIPTION OF THE EMBODIMENTS 
         [0060]    Drawing  1 : Chief Data Office (CDO) Strategy Application Functions 
           [0061]    This application is categorized into four modules, each addressing a different data function, these functions are:
       a. Enterprise Data Strategy   b. Data Governance Framework   c. Risk Data Assessment   d. Functional Organization Structure, which is also known as Chief Data Office Management Organization       
 
           [0066]    Drawing  2 : a. Enterprise Data Strategy Method 
           [0067]    Enterprise data strategy is the first and the core module of CDO Strategy Application. EDS is a five step method to help the organizations quickly generate a Business Data Roadmap. A user of CDO Strategy application has to perform all five steps in sequence, leverage pre-defined templates that best fit enterprise needs, and generate the Business Data Roadmap. These steps are:
       1. Data Framework Template Selection: This application provides templates with pre-populated enterprise and business unit objectives. Users can select the template that best fits the enterprise needs and enhance it further, or Users can create a custom template from scratch, and populate the enterprise and business unit objectives.   2. Data Capabilities Assessment: This is the second step in the EDS process. This step provides a template with pre-populated required data capabilities to meet the enterprise and business unit objectives. Users can enhance the information to best fit the enterprise business needs, or create a custom template from scratch with information as needed by the enterprise.   3. Perform Fit/Gap analysis of Data Framework Objectives vs. existing data capabilities; this is a two-step process, of assessing the existing data capabilities initially and performing fit/gap by comparing with Step 2 “required data capabilities.”   4. All gaps identified as part of fit/gap analysis are converted into data initiatives, and one or more milestones can be defined to each data initiative and assign the person responsible. The outcome of this process is a Business Data Roadmap, which illustrates both the strategic initiatives and tactical plan in a quarterly schedule with multi-year roadmap.   5. Manage and Track the Business Data Roadmap. This is a final step of allowing the users to constantly update/sync the changes to the initial business roadmap, by leveraging the demand management process of capturing the demand, aligning with existing initiatives/milestones, and revising the business priorities.       
 
           [0073]    Drawing  3 : Defining a Data Framework 
           [0074]    The first step in an enterprise data strategy is to define a Data framework. This framework template would primarily consist of the following:
       An efficient leadership vision   Key business drivers   Individual business line priorities.       
 
           [0078]    User have three options to select the templates, which are: 
           [0079]    Template 1—Transformation Framework 
           [0080]    This template comes with pre-defined data framework populated with the leadership vision, business drivers and business line priorities that are aligned with the transformational change. Users will be able to select this template, activate and make necessary changes to fit their business needs. 
           [0081]    Template 2—Optimization Framework 
           [0082]    This template comes with pre-defined data framework populated with the leadership vision, business drivers and business line priorities that are aligned with optimizing data and related assets. Users will be able to select this template, activate and make necessary changes to fit their business needs. 
           [0083]    Template 3—Custom Framework 
           [0084]    Users can create a customer data framework from scratch and define the Leadership vision, Business drivers and Business Line priorities. 
           [0085]    Drawing  4 : Assessment of Existing Data Capabilities 
           [0086]    This template allows the user to leverage the data capabilities assessment template, capture and assess the organizations data capabilities. This template helps user to select/enter following information:
       What are your existing data standards, processes and policies?   Do you have any redundant data stores?   Are there any redundant processes and people who are managing those processes?   Is your organization facing outdated technical capabilities?   Are your processes scalable?       
 
           [0092]    Drawing  5 : Fit/Gap Analysis 
           [0093]    This template allows the users to compare the required data capabilities captured in the Step 2 of EDS process with the existing data capabilities captured in the Step 3, and identify the fits and gaps. Each comparison of required capabilities vs. existing capabilities is marked as either a fit or gap. 
           [0094]    Data Initiatives 
           [0095]    This template populates all identified gaps from Fit/Gap analysis, and convert into data initiatives, allowing users to enter one or more milestones for each data initiative. 
           [0096]    Drawing  6 : Business Data Roadmap 
           [0097]    This template comes with initiative lists that have been identified in the Fit/Gap analysis. Users can move the initiatives into strategic Vs tactical plan and define milestones. 
           [0098]    Here are some examples of the kind of strategic initiatives and tactical problems your firm can face and the solutions you should use:
       Typical strategic initiatives:
           Implementing master data management solution to establish a centralized customer onboarding process, and efficiently manage customer information in a single version of truth, and improve customer experience.   Implementing Big data solutions to perform largescale, real-time analytics in a distributed computing platform. This will help in carrying out better analytics on customer life time value. Further, you should promote the use of sophisticated machine learning concepts to detect the predicated offenses of money laundering and real-time fraud detection.   Establishing data governance organization to govern and manage the data.   Implementing cognitively intelligent mechanics to better understand and serve the customers.   
           Tactical problems:
           Fix the critical data quality issues to continue supporting key reports and analytics.   Minor enhancements, fixes or upgrades to the existing data capabilities that support business processes, reports or analytics.   
               
 
           [0107]    Template 1—Three Year 
           [0108]    This template comes with pre-defined data initiatives supporting both strategic and tactical goals of the organization, with strategic goals realizing business value from 1 to 3 years in defined yearly intervals. 
           [0109]    Template 2—Five Year 
           [0110]    This template comes with pre-defined data initiatives supporting both strategic and tactical goals of the organization, with strategic goals realizing business value from 2 to 5 years in defined yearly intervals. 
           [0111]    Template 3—Custom 
           [0112]    Users can create a customized business data roadmap from scratch, with strategic and tactical goals. 
           [0113]    Drawing  7 : Data Governance Framework Method (DGFM) 
           [0114]    Enterprise data governance framework is the second module of CDO Strategy Application. DGFM is a four step method to help the organizations quickly define and standup enterprise data governance framework. A user of CDO Strategy application can leverage pre-defined templates, of Data domains and Data Policies, that best fit enterprise needs and generate a DGF. These steps are:
       1. Data Domains Selection &amp; Activation: DGF module provides templates with pre-populated data domains and domain related information. Users can select the domain templates that best fits the enterprise needs and enhance it further, or Users can also create a custom template from scratch, and create new data domains.   2. Data Policy Selection &amp; Activation: DGF module provides templates with pre-populated data policies and policy related information. Users can select the policy templates that best fits the enterprise needs and enhance it further, or Users can also create a custom template from scratch, and create new data policies.   3. Data Roles Selection &amp; Activation: DGF module provides templates with pre-populated Data governance roles &amp; and industry standard responsibilities. Users can select the data roles/responsibilities that best fits the enterprise needs and enhance further, or User can also create custom data roles and related responsibilities from scratch.   4. Generate Governance Framework: This is the final step in DGFM that allows the enterprise to start using the selected data domains, data policies, roles and responsibilities.       
 
           [0119]    Drawings  8  and  9 : Data Domains 
           [0120]    Data domains are an industry-standard approach to logically organize data into categories to enable identification of clear ownership and accountability over data in a way that transcends individual systems or business units. 
           [0121]    Domains are categorized into Master, Transactional and Derived data domains. 
           [0122]    Master Domain Templates 
           [0123]    These templates come with pre-defined financial industry standard master data domain, with pre-populated critical data elements. User can select this template, activate and enhance the critical data elements associated with this domain. 
           [0124]    Template 1—Consumer 
           [0125]    Template 2—Commercial 
           [0126]    Template 3—Product 
           [0127]    Template 4—Vendor 
           [0128]    Template 5—Workforce 
           [0129]    Template 6—Location 
           [0130]    Template 7—Custom Domain 
           [0131]    Users can create a custom domain from scratch and assign the critical data elements. 
           [0132]    Transactional Domain Templates 
           [0133]    These templates come with pre-defined financial industry standard Transactional data domain templates with pre-populated critical data elements. User can select this template, activate and enhance the critical data elements associated with this domain. 
           [0134]    Template 1 —Consumer Loans 
           [0135]    Template 2—Commercial Loans 
           [0136]    Template 3—Deposits 
           [0137]    Template 4—Payments 
           [0138]    Template 5—Custom Domain 
           [0139]    Derived Domain Templates 
           [0140]    These templates come with pre-defined financial industry standard Derived data domain templates with pre-populated critical data elements. User can select this template, activate and enhance the critical data elements associated with this domain. 
           [0141]    Template 1—Marketing 
           [0142]    Template 2—Sales 
           [0143]    Template 3—Risk 
           [0144]    Template 4—Finance 
           [0145]    Template 5—Operations 
           [0146]    Template 6—Custom Domain 
           [0147]    Drawings  10  and  11 : Data Policy 
           [0148]    Policy establishes responsibility and accountability to ensure that a comprehensive, rigorous and transparent data management framework is utilized to enforce the identification, escalation and remediation of issues within the Chief Data Office organization, a control unit led by the Chief Data Officer. 
           [0149]    These templates are pre-populated with the Policy statement, Overview, Guiding Principles, Policy Standards and references. Users can activate and extend the policy information to fit their business needs. User also has the option to create one or more policies from scratch with their organization specific requirements. 
           [0150]    Template 1—Enterprise Data Management Policy 
           [0151]    Template 2—Master Data Management Policy 
           [0152]    Template 3—Analytics &amp; Reporting Policy 
           [0153]    Template 4—Metadata Management Policy 
           [0154]    Template 5—Data Provisioning Policy 
           [0155]    Template 6—Data Storage Policy 
           [0156]    Template 7—Data Issue Management Policy 
           [0157]    Template  8 —Custom Data Policy 
           [0158]    Drawings  12  and  13 Data Maturity Assessment (DMA) 
           [0159]    DMA is the third module of CDO Strategy Application. The application process selects the most suitable data maturity assessment template, activating and enhancing to fit the enterprise needs. The users can view the list of data maturity assessment templates, select the templates that best fit their business needs, and activate them. After activation, users will have the option to make any changes to the pre-delivered content. Using this template, the user will be able to provide the ratings of data maturity principles questionnaire on a scale of 4, provide rating justification and attach artifacts to support the ratings. 
           [0160]    Drawings  14  and  15 : Functional Organizational Structure 
           [0161]    It provides pre-defined industry standard CDO functional organization templates for Chief Data Officers to use. These templates may be used as is or enhanced based on need. It can manage a four tier chief data office organizational structure.
       Tier 1 is the CDO “Chief Data Office.”   Tier 2 includes the pre-defined CDO functions like data demand management, data governance, data science, data operations, data quality, data strategy and architecture.   Tier 3 includes the pre-defined data management initiatives under each data function. E.g., MDM, BigData, Metadata, Data Governance, Anti-Money Laundering/Bank Secrecy Act, Fraud Analytics, Customer Lifetime Value, Digital Platform.   Tier 4 includes the pre-defined milestones under each initiative.       
 
       
    
    
     SYSTEM AND METHOD OF CHIEF DATA OFFICE MANAGEMENT APPLICATION 
       [0166]    This application comes with pre-populated reference data, and pre-defined templates. Users can select the closest match and further enhance the information to fit the organization&#39;s needs. 
         [0167]    Pre-Defined Templates: 
         [0168]    1. CDO Functional Organization Structure 
         [0169]    2. Data Frameworks 
         [0170]    3. Data Capabilities 
         [0171]    4. Business Data Roadmap 
         [0172]    5. Data Domains 
         [0173]    5. Data Policies 
         [0174]    7. Data Initiatives 
         [0175]    Pre-Populated Reference Data Screens: 
         [0176]    8. Principal Category 
         [0177]    9. Principals 
         [0178]    10. Questionnaire 
         [0179]    11. Team 
         [0180]    12. Team Members 
         [0181]    13. Domain Category 
         [0182]    14. Domain Owner 
         [0183]    15. DataObject Category 
         [0184]    16. Data Object 
         [0185]    17. Ownership 
         [0186]    18. Status 
         [0187]    19. Guiding Principal 
         [0188]    20. Standard Overview 
         [0189]    21. Milestone