Data may not be the answer to life or the universe, but to investment managers, it’s a close second. Effective data management is too important to leave to a mishmash of point-to-point integrated systems, tactical patches, and manual workarounds.
Nowadays, managing data is even more complex. From the inundation of information to the increase in investor and regulatory demands, normalized and timely data is not only ideal—it's indispensable. As the amount of data grows, firms must have streamlined access to the data they need for accounting and reporting purposes.
Data management is an investment
Data is more than an asset—it's the pulse driving strategic decisions and agility. Tackling the challenges of today's data-heavy environment requires a comprehensive approach, including:
- Modern infrastructure: Upgrading data infrastructure is key to handling large volumes efficiently. The future lies in cloud technologies and advanced data platforms, designed to scale and adapt seamlessly.
- Interoperability: Data that seamlessly integrates with other systems and data sources facilitates information sharing and collaboration across different departments and organizations.
- Automation: The growing need for accuracy and speed in all phases of the trade lifecycle and client relationships cannot be met with manual workflows. Firms should focus on automating everything from data collection to reporting.
- Data accuracy: High-quality data sources ensure accurate information across the back, middle, and front offices, which is crucial for strategic investment decisions, compliance, and reputation.
- Client-focused reporting: Elevate client service and reporting by ensuring relevance, accuracy, and timeliness through advanced data tools.
Choosing the right provider
When it comes to selecting a data service provider, here are the essentials to consider:
- Provider responsiveness: A communicative and knowledgeable provider is crucial at the setup stage and for ongoing support.
- Breadth and depth: Access to a vast network of resources and solutions.
- Timeliness of information delivery: Consistent communication on data transmission expectations while receiving information as soon as possible.
- Data reliability: Ultimately, the quality of your data management tools and solutions is as good as the data's source.
Moving forward
Today, a firm’s competence in managing data will determine its market position and ability to maintain strong client relations. Transitioning to a data-centric model, underscored by modern technology and firm-wide integration, can be the catalyst that propels an investment firm toward gaining a competitive advantage.
Learn more about SS&C Advent Data Solutions and request a demo to transform your firm’s data strategy.
