Two-thirds of FS firms struggle with data management systems

Eddie Grant, Head of Managed Services, Asset Control

Eddie Grant, Head of Managed Services, Asset Control

Almost 70 per cent of asset managers think their current data management systems and processes are not ‘very effective’ at supporting business and operational decision-making, according to a survey commissioned by Asset Control.

The research also found that nearly half (45 per cent) of the managers’ organisations tend to measure RoI on data management projects afterwards by carrying out annual surveys into how the business is performing to relevant quality metrics.

Financial data management solutions provider Asset Control commissioned the survey to highlight priorities and shortcomings for data management, and according to 48 per cent of the participants, ‘reducing cost of current operation’ was ranked as one of the top three priorities.

‘Reducing operational risk by streamlining data flows’ and ‘preventing redundant storage and traffic’ were the other two categories in the top three priorities, each highlighted by 46 per cent of the surveyed.

The next two categories were both mentioned by 41 per cent of the asset managers: ‘tracking and reporting on data quality’ and ‘cataloguing data to make sure data assets are clearly defined and known throughout the firm’.

Moreover, 33 per cent said cloud providers such as Amazon, Google and Microsoft Azure were deemed the most suited to help provide a data infrastructure for their organisation in the future, ahead of application providers such as Charles River, SimCorp or thinkFolio (26 per cent).

This, according to Asset Control, is proof of an increased focus on cloud-deployed managed services across asset managers’ organisations.

Eddie Grant, Head of Managed Services, Asset Control, commented: “These findings highlight not just the data management priorities of financial services businesses but also some of the shortcomings they face with their existing approaches. There are clearly issues with efficiently feeding quality-proofed data into decision-making and with accurately, regularly and pro-actively managing RoI.

“These are challenges that can be more effectively addressed using an outsourced managed service approach, where KPIs on data quality and delivery are pre-agreed, transparently tracked and regularly reported on allowing for pro-actively tracking RoI and improving quality data delivery,” Grant said.

When asked what metadata/contextual information/quality intelligence their organisation has access to today to improve the quality of decision, 38 per cent of respondents ranked ‘application and business context’ highest, followed by ‘run-time stats and volume information’ (36 per cent) and user ratings and comments (35 per cent).

The London-based data solutions provider unveiled its Asset Control PaSSPort managed data service solution, aimed at for financial services firms looking for simpler, use case-based managed services.

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