According to a cross-industry research by Accenture, over 80% of Asset Management companies don’t have enterprise-wide Master Data Management (MDM). Half of the respondents didn’t even regularly assess and update their data governance process definitions.
So what is Master Data Management?
MDM empowers Asset Managers to link all critical business data to a single point of reference. This reduces errors while ensuring business processes are not made redundant. It is the core process used to manage, centralise, organise, categorise, localise, synchronise and enrich master data while adhering to business rules.
Why is MDM so important for the AM industry?
Implementing MDM, and thus the ability to change master data centrally, help firms to adapt easily during project implementations. This allows for multiple efficiencies in data acquisition, validation and enrichment. Ultimately, all sources of data are consolidated into a single, standard model that meets all data consumers’ requirements and requires minimal human input.
Here are 9 key aspects of innovation that MDM offers the consumer to help them leapfrog the competition…
- Ensures data terms are consistent and clearly defined company-wide
- Increases the speed and ease of keeping data updated
- Improves confidence in how business users handle data
- Clarifies the roles and responsibilities of data owners, data stewards and data users
- Enhances data quality and mechanisms that can then be distributed efficiently and accurately
- Understands data lineage through full data audit trails
- Improves decision-making capabilities through total access to all data
- Simplifies the process of proving compliance to third parties
- Provides intelligent and useful summaries of data, enhancing businesses that, as a result, have a genuine and accurate understanding of their suite of products
Fundipedia is specifically built for Product and MDM governance, facilitating powerful change and enabling additional downstream projects. Fundipedia provides data transparency and data accessibility with hierarchy and unique identifiers. This promotes the advancement of projects that require either static data or fund structure hierarchy and ID to connect systems and data.
Unique features, such as powerful workflow for the management of changes to data, as well as the creation of new products or ShareClasses, audit trail, client specific data quality rules, data record templates and much more ensure Fundipedia users have total confidence in, and understanding of, their data.
Unlike most database driven software solutions, Fundipedia does not have a fixed database architecture. Our clients each require a unique data model for their particular business. Fundipedia supports this by using a meta-data driven database, which is entirely flexible.
You can read detailed information on what’s behind Fundipedia’s service quality and resilience >> here.
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