Open Data presents significant cost reduction opportunities for Data Management teams if they can assimilate the necessary techniques, standards and tools.
Financial Trade Reporting and analysis requirements, particularly for Investment Banks, continue to grow in terms of volumes, depth and complexity. Whilst many Financial institutions retain their trading data in various formats, many have struggled to provision this data to third parties in well understood, cleansed and standardised formats. Often trade repositories developed to become a single version of the truth for trade data have simply moved upstream data issues into a single location downstream.
Many non-investment banking firms such as Insurers and Asset Managers are now recognising the value of implementing trade repositories and Regulators have similarly suggested that existing regulations such as EMIR and Dodd-Frank will be further extended.
Prior to building IT components, purchasing tools and services we always recommend understanding the structure, quality and content of your Data. Given large daily volumes and often complex hierarchical data structures (such as for exotic derivatives) this is often however easier said than done.
Data Profiling Trade Data including Security, Book, Counterparty and Transaction data is something we specialise in. This involves using the latest Data Science, Data Mining and automated discovery techniques to acquire a deep understanding of your data. This enables you to discover issues such as Data Quality problems that may need to be resolved in order to ensure regulatory compliance and gain further insights into trading patterns and behaviour. To help we have put together a handy white paper sharing some of our best practice tips for getting the most from your Data Profiling of Financial transactions.
Products or Services are the backbone of most companies revenue streams. Mergers and Acquisitions, new processes, new IT systems and legacy issues however can all be inhibitors to leveraging your product data for corporate advantage. Leaders in Product Information Management (PIM) typically have a single version of the truth detailing all of the products and services in their range and describing key attributes. This is typically then used for improving product search, margin analysis, Management Information Reporting and other requirements.
In our free white paper we detail 3 patterns which many organisations follow for successful PIM initiatives as well as some of the classic mistakes organisations make and how to avoid these.