In my career, I've worked across companies of all sizes, from small teams to large enterprises with thousands of employees. One consistent challenge I've observed is the need for clear communication around essential processes, terms, and concepts.
We've all been in meetings where unfamiliar terms, concepts, or confusing acronyms come up. Sometimes, asking for clarification isn't so easy due to the fear of showing a lack of understanding. This challenge becomes even more complex when these uncertainties extend beyond the organization.
Have you realized the full value of your firm’s data? Download our free whitepaper to uncover key aspects needed for client and firm data ownership, management and control to strengthen — and safeguard — your business.
In recent years, Orion has acquired several exceptional businesses. While they all operate in the wealth management industry, their unique offerings and target audiences have led to distinct terminologies. For instance, what one company sees as an "advisor," another might perceive as a "rep" or a "portfolio manager." This language diversity becomes evident when teams from different areas come together to discuss projects. This highlights the significance of the ongoing efforts of the Data Governance Council to develop a shared glossary of terms and a unified language framework.
The Orion Data Governance Council is at the forefront of this initiative, working tirelessly to create a language framework that unifies our organization. This is especially crucial as businesses grow, requiring improved communication. Common terms and definitions are key. Using different terms for the same concept, like "Advisor Portal" versus "Elements," can lead to confusion and mistakes.
A shared language fosters collaboration within departments and helps new employees and clients quickly adapt. Additionally, well-defined data explanations are vital. With data being essential to businesses, it's crucial that everyone understands its meaning and use, especially with sensitive data like financial records.
Clear data definitions ensure everyone uses data correctly and consistently. This prevents different departments from interpreting data differently and ensures accurate conclusions and decisions. It's also vital for handling sensitive data within legal boundaries.
- At Orion, our dedicated Data Governance Council leads the effort to create a unified language framework.
- Shared terms and definitions boost collaboration and help new teams integrate faster.
- Clear data definitions ensure accuracy and compliance while handling sensitive information.
Now that I’ve shared more about our approach, ask yourself: how are you tackling this at your firm? Do you have an opportunity to better streamline communication, enhance collaboration, and drive your organization's success?
In the meantime, to learn more about Orion — including how we’re committed to strengthening your data to strengthen your business — head here, or reach out.
Strengthen your data, strengthen your business. Fuel your operations with accurate, clean, and timely data.