The Key to Effective Data Management: Easy Data Access and Discovery

Research evidence excerpt

The Key to Effective Data Management: Easy Data Access and Discovery

Locked, Before even thinking about AI, institutional investors need to

solve the problem of data access. But access is a major challenge

blocked and facing asset managers, asset owners and corporates. For one,

closed off data entitlements and secured data sharing among teams proves

difficult. Only a quarter of financial organizations can source and

manage all their data inputs effectively, according to a report

from Worldwide Business Research (WBR) Insights and Rimes1

that included 100 respondents from finance organizations across

the U.S. and Canada. To boot, because 35 percent of respondents

claimed their organizations struggle to control entitlements and

permissioning properly, they could be at added risk during a

vendor audit.

In addition, data discovery within organizations is hard, as is data

distribution. That’s because there are multiple data sources each

financial institution needs that are often siloed. Each investment

process relies on data feeds from various vendors, with

inconsistent formatting that requires data teams to undertake the

laborious process of standardizing it.

All in all, these complexities lead to too many manual steps

in data ingestion. Extracting and reconciling data does not

fit smoothly into existing workflows. Firms use multiple data

providers, with many data feeds, each with vendor connectivity

nuances. There’s a dependency on methods of data transfer like

FTP that are disconnected from the processes that use the data

and further complicate error handling. That ends up limiting data

strategy scale.

What’s more, not every data provider supports API connectivity.

The widespread use of Excel as a modeling tool also means that