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Improving Metadata Management to Make Better Decisions

Metadata, or data about data, provides important context that helps asset managers use data more effectively and unlock its true value. Examples of metadata include operational metadata, such as time stamps, locations, and data owners; technical metadata, such as table and column definitions in databases; and business metadata, such as definitions of reporting metrics or calculation rules.

As enterprise data volumes rise, metadata management is becoming an important tool for managing complex information in real-time. Metadata management includes best practices and technology designed to help firms handle data more effectively and make informed reliable business decisions.

Without proper metadata management practices in place, buy-side firms may experience a few challenges. One is poor data quality, which can lead to suboptimal investment decisions. Another is difficulty accessing data. An incomplete understanding of what data is available, what it represents, and how it can be used will hinder effective data usage and compromise decision-making. This is why firms should consider an enterprise data management (EDM) solution with built-in metadata management capabilities.

Benefits of a robust EDM tool

Implementing an EDM tool has two primary advantages for buy-side firms:

  1. Data quality. Data quality is a key concern, as poor-quality data can lead to inaccurate investment decisions. Implementing an EDM tool with built-in metadata standards can help ensure enterprise-wide data is accurate, consistent, and properly formatted.
  2. Data interoperability. The buy side relies on a wide range of data sources and technologies to drive daily workflows. By using an EDM tool to describe and contextualize data, asset management firms can make it easier for various systems and applications to exchange and use data.

Best practices for implementing EDM

In addition to technology, there are several best practices asset management firms can use to ensure effective metadata management:

  1. Establish clear metadata standards. These standards should outline how metadata is created, stored, and used. They should be applied consistently across the organization. It is also important to ensure metadata is accurate, complete, and up to date, because outdated or incomplete metadata can be misleading.
  2. Automate metadata management. Use EDM tools to automate the creation and maintenance of metadata. These tools can help ensure that metadata is consistently applied and reduce the workload associated with ongoing metadata management.
  3. Ensure accessibility. It is important to ensure that metadata is widely available and accessible throughout the organization. This can help all relevant stakeholders gain access to the metadata they need to use various datasets effectively. In other words, data distribution and democratization are core elements of proper metadata management.

Overall, metadata management is an essential aspect of data management for buy-side firms. By establishing metadata standards, using metadata management tools, and ensuring that metadata is widely available and easily accessible, buy-side firms can improve data quality, enhance interoperability, and ensure stakeholders across the enterprise have the accurate, consistent, and well-organized data they need to make informed investment decisions.

The IVP Enterprise Data Management (EDM) solution is powered by class-leading metadata management, enabling buy-side firms to “look through” and view data in different dimensions, improves accessibility, and streamline data flow.

Learn more about IVP Enterprise Data Management (EDM) and how it can help in your journey of achieving alpha or contact to schedule a live or remote demo.

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