Why is Data so Critical?
Data is essential to the operational success of any financial institution. The importance of data has never been greater due to the firms and people who rely on it to make key business decisions. The rising popularity of algorithmic trading, machine learning and artificial intelligence has only further fueled the power of data. With power comes great responsibility, and the need to protect, control and maintain data is essential for firms to succeed with proper data management.
Need for Data Governance
How much control do you really have over your data? And how can you be sure that the data you compile and use across your business is accurate and produced in a timely fashion to support both your short and long-term strategic decisions? Data is critical but not useful unless you are able to derive information from it. If the raw data itself is not accurate, then you will never be able to pull the correct information in order to make informed and effective decisions. In the asset management industry, large fund management houses have to interact with between 50 and 100 delegates, ultimately making an impact on the company’s profoundness. Because of this, data is received from a large number of sources in numerous different ways and at varying times, typically using non-standardized formats with no way of easily checking information for accuracy.
Data Governance Using IVP EDM
You expect a lot from your data. You want the data you use to make decisions to be reliable and versatile. From a risk management perspective, you want to know that you’re running your business according to your strategy and that the direction you’re headed is in line with your goals.
The key to ensuring both the accuracy and precision of data is through proper data governance. IVP EDM provides users with a built-in data governance module, which ensures that the final data available for all of the downstream systems along with reporting is accurate and error free. It provides features like data quality management, exception management, workflows on exception, data correction and data stewardship. Empowering your organization to create the right reports at the right time, IVP EDM helps you put them in the hands of the right people so they can make the right decisions.
Move your data beyond antiquated silos so that it can be maximized to your advantage for use across a range of regulatory, risk and analytic functions by implementing an intuitive, end-to-end data management solution. Data will continue to drive the future and with proper data governance, you can stop worrying about your data and focus on making key business decisions.
To learn more about IVP EDM and its data governance capabilities, please visit: EDM Product Page