#122: A Toolkit for Better Quality Financial Data Management with Irina Steenbeek

with Irina Steenbeek

Our Guest Mentor:

Irina Steenbeek is a data management professional with an extensive financial background. Irina works with medium-sized businesses on a strategic level, assisting them to optimize their decision making processes and company performance by implementing a data management framework around the information value chain, supported by an effective set of business capabilities.

“The Information Value Chain is set of business capabilities that enable transformation of raw data into meaningful information to enhance decision making at different organizational level in the company.
Data lineage is the way to document or record Information value chain.”

Author of ‘The Data Management Toolkit’ and ‘The Data Management Cookbook’, various white-papers and series of blogs on the topics of data management and FP&A.

Irina holds an MBA in Finance, PhD (Engineering) and ACMA designations and lives in Amsterdam, The Netherlands.

Key Quotes From the Episode:

 “[On the idea of data lineage] knowing, what is your data, where does that data come from, and how is it transformed on its way from its origin to the end user.” [06:17]

 “[On data and finance professionals]. Finance is not responsible [for data], Finance are using data but they can motivate people and initiate data management programs within their companies to realign information requirements with data requirements.” [08:12]

“[On the key value proposition of Finance] To enhance decision making.” [08:36]

(Other resources and how to connect with Irina below).

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Key Points From the Episode:

  • The idea of data lineage and Irina deconstructs for us the Information Value Chain concept and the importance of optimising it.
  • Two reasons why finance professionals ideally placed to improve data quality.
  • Why some data elements are more critical than others and how to identify them.

Time Stamped Show Notes

[02:21] – Irina shares her career journey from her engineering background, World Bank, operational finance, to working at a large financial services firm and her own consultancy work driving performance at medium sized enterprises by implementing data management frameworks.

[04:14] – Irina shares the moment she realised the importance of data management and the value of finance data.

[05:28] – How data lineage impacts driver-based planning.

[06:37] – Why some data elements are more critical than others and how to identify them.

[07:47] – What steps we could be taking to improve our data management.

  • Data management initiative sponsor
  • Why Finance aren’t responsible for data
  • Building Information Value Chains

[10:06] – Irina deconstructs the Information Value Chain concept and the importance of optimising it.

[11:59] – On the two books Irina has written on the how and what of data management.

[14:10] – The steps required to build a better Information Value Chain, being a data management sponsor, the Data Quality Conundrum, hiring good people, optimising reporting,

[17:40] – Two common issues with KPIs.

[19:25] – Two reasons why finance professionals ideally placed to improve data quality.

[22:04] – The best bit of advice Irina has ever received about how to start doing new things and how to get results.

[23:19] – The resources Irina recommends

[24:44] – How best to connect with Irina.

[25:06] – Irina’s parting thoughts particularly around the courage to start wishing.

Resources Mentioned:

  • The Data Management Cookbook: A pocket guide for implementation of data management 2018, by Irina Steenbeek,
    • Paperback/Kindle: Link
  • The Data Management Toolkit. A step-by-step guide for the optimization of the Information Value Chain by Irina Steenbeek (working title of upcoming book)
  • Data crossroads (website)

Connect with today’s guest:

 

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