In today’s data-driven environment, it has become increasingly crucial for asset managers to maintain full visibility into the lifecycle of their data – how it transforms and flows from its source to destination. With this, data lineage tools have grown in importance to help firms track changes made to their data, find and fix gaps, and see which processes were used when their data was updated. This not only enhances data quality, but it also instills confidence in managers that the data they are using in decision-making is accurate.
As managers continue to seek ways to improve their business continuity after COVID-19 drastically uprooted the workplace, many have turned their focus toward accelerating their digital transformation using a data governance solution. In the realm of data management, buy-side firms are making significant inroads by leveraging digital-first providers to propel themselves further up the data maturity curve and along in their journey.
There are a multitude of source systems that are used by front, middle and back-office teams in buy side firms. For the purpose of portfolio accounting, one of the most popular systems that is used is SS&C’s Advent Geneva, which allows funds to build their entire accounting book of records (ABOR) by feeding investments and reference data directly into the system.
Making key decisions during a time of increased market stress has placed further pressure on firms’ operations teams and existing technology. For many firms, the all-remote work environment has brought to light a number of challenges spanning across data management processes and procedures.
Organizational success depends on certain core building blocks that work in alignment with common business objectives. These main building blocks include business activities, data and analytics, but we believe the most important ingredient to organizational success is data governance. Although it has been somewhat of an abstract concept until now, data governance has been shown to provide cohesion in the standards to align people, processes, data and technology for successful and sustainable results while simultaneously helping organizations leverage data as a corporate asset.