Master Data Management for the Buy Side: Spotlight
Moving up the data maturity curve to harness competitive insights and propel forward
Asset managers have quickly come to realize their need to implement a comprehensive data layer or centralized data repository as the foundation of their firm in order to continue operating efficiently and retain their competitive edge. However, most have yet to reach data maturity, meaning that they are not operationally equipped to deal with data in a fluid manner and the many factors that coincide with its proper management to ultimately reach a place where they can leverage data science to generate insights. In fact, according to a poll of participants in a recent IVP webinar, 20% are still currently in the “Data Chaos” stage of their data journey with 40% in the “Isolated Data Projects” stage, both residing on the earlier side of the data maturity curve where data insights delivery is in far reach.
Challenges associated with mastering new datasets beyond traditional operational ones
As data’s volume, velocity, variety and veracity evolves, the demands on data layers are also changing fast, leading many who are in these preliminary stages of their journey to continually face issues that span data consistency, consolidation, transparency and governance of both operational and new alternate datasets. In IVP’s webinar poll, 77% of participants claimed they lack a centralized place within their organization for key functions like data discovery and consumption, causing them to continue to struggle to move up the data maturity curve.
Additionally, when asked how quick and easy it is for them to set up integration with a new source system, 38% of poll participants cited that the process is “hard and slow,” which means their organizations lack the flexible architecture needed to continue onboarding new datasets easily and efficiently. With this, managers are beginning to realize that they can no longer function in such a decentralized and fragmented way, especially within our ever-evolving remote work environment.