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How ANZ Institutional Division built a federated data platform to enable their domain teams to build data products to support business outcomes
- ANZ Institutional Division has built a federated data platform that allows domain-based teams to build data products to support business outcomes.
- ANZ Institutional Division’s challenges of operating with clear silos in data practices and centralized teams led it to decentralize data ownership, compliance, and creation of data products.
- ANZ Institutional Division shifted from viewing data as a byproduct of projects to treating it as a valuable product in its own right motived by a few reasons improving business insights, agility, data quality, standardizing tooling, and driving innovation.
- ANZ embarked on a transformative journey to redefine its data practices and extracted significant business value from data insights for improving customer and employee experiences.
- Data mesh architecture allowed ANZ to embrace a decentralized approach to data management aligned with modern organizational structures and agile methodologies.
- ANZ’s federated data strategy comprises four key principles: domain ownership, data as a product, a self-serve data platform, and federated computational governance.
- The Institutional Division has implemented a self-service data platform called Institutional Data & AI platform that adopts a federated approach to data while simplifying data product development across domains.
- ANZ Institutional Division uses key metrics to evaluate the success of the delivery model, such as cost transparency and domain adoption, to guide the data mesh governance team in refining the delivery approach.
- The Institutional Division has decided to adopt an architectural and operational model aligned with the data mesh paradigm.
- ANZ Institutional Division is a great proof point for AWS to democratize data, enabling business functions autonomy to self-serve data needs with built-in governance.
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