Need for a Data Management System
Today, ‘data’ is a valuable resource for players across industries. Data pours into organizations from every conceivable source – output device, operational/transactional systems, customer touchpoints, smart meters, and so on. A management system forms the crux of managing and normalizing the huge volumes of information generated by organizations across the globe. Moreover, as businesses are subjected to an increasing number of compliance regulations, effective management of data has become an integral part of business functions.
Benefits of Employing the Best Practices in Data Management
- Reduced instances of data loss
- Accurate decisions
- Cost efficiency
- Operational nimbleness
There are several other such benefits of employing an efficient data management system. However, a third-party firm that specializes in big data and analytics will be more of an expert that your own internal resources. Don’t let your business fall into this trap. Make a commitment today and implement a strong data management plan.
For further assistance in this matter, get in touch with our experts who will guide you and help you develop a strong data management platform.
The client is an international investment management group based out of the US.
Until recently the investment management group’s business data and benchmarks were managed on an in-house database management system. However, the rise in data volumes also leveraged the associated data complexities, which prompted the investment management firm to find a new streamlined approach to developing a data management system. Though several factors contributed to their data management complexity, one of the main reasons was the fact that the data was sourced from multiple vendors which required the client to manage different data formats and quality.
The obtained data were subjected to validation, synthesizing, and reformatting along with the process of adding new benchmarks and indexes which consumed a major part of the investment management firm’s time. In practice, this was a major growth constraint, which impaired the investment management firms agility. Having considered their options, the investment management group zeroed in on Quantzig to propose a suitable data management platform.
We offered turn-key solutions to support the data management initiatives of the investment management firm. This, in turn, helped them to make the right decisions and employ the best data management system. Also, with the help of our solutions, the client was able to reduce the associated costs and complexities.
By adopting the suggested data management system, the investment management firm was successful in insulating itself from vendor format changes, which in past was a major administrative challenge. Besides, the investment management group also benefited from significant cost and time efficiencies, thereby allowing their team members to focus on core tasks.
The data management platform also eliminated the operational risks associated with managing key processes in-house. Along with the benefits obtained from expert suggestions, the investment management group gained detailed insights and instant access to a wealth of industry expertise and practical know-how.