Creating a data management practice for a global investment firm

Our client was struggling to manage the high volume and complexity of its data, and their business was starting to suffer as a result. We helped them develop an enterprise-wide approach that matched their ambition and created significant savings along the way.

Big Tick

Data transparency implemented across the business

Big Tick

A four-year plan to transform the firm’s global data architecture launched

Big Tick

£100,000 savings in market data costs in just three months

Challenge

Our client had grown significantly and was becoming overwhelmed by the numerous issues that were being caused by data related problems. Day to day operations were being negatively impacted and their team was losing faith in the data they were working with.

In an industry where data plays such a key role, accuracy is crucial. But legacy tech and flawed processes were generating errors and inefficiencies that were leading to inconsistencies in valuations and reports. This was having a negative impact on the service they offered clients and the effectiveness of their employees. Ultimately, the business was being held back.

Their team were spending too much time investigating and correcting data problems, reducing their ability to focus on higher value tasks and increasing their workload. But our client didn’t have the time, expertise or experience inhouse to overhaul these processes, which meant they were fighting fires on a daily basis without addressing the root causes. And the fires were only getting worse.

Challenge

Solution

After assessing how our client managed their data, we designed and implemented a plan to radically improve their approach.

In practise this meant creating a proactive system that prevented errors at source and delivered reliable information that would better inform the investment decisions they made for their clients.

We pinpointed where poor data was causing the biggest problems – namely, data related to instruments such as tradable assets and the trading positions taken on them – and introduced robust data governance to help mitigate them. Including clear rules around which source data to use and when, who is responsible for that data and who has access to it. To give this backbone we developed quantifiable performance measures to ensure the improved data quality is maintained.

On the tech side we took a step back to explore what features could be implemented that would improve these processes company-wide to amplify their impact. For the first time data lineage and data dictionaries were introduced, enabling data journeys to be tracked effectively and problems quickly identified.

Solution

Results

Our strategy has been successfully implemented and is already paying off, with a range of short and medium-term benefits set to be realised. These include:

  • More than £100,000 of savings in market data costs over three months and a plan in place to reduce them further in the near future.
  • 1,000 data fixes to date, due to data quality reporting provided by a third-party service we implemented.
  • Transparency across the business providing a clear view of data processes and procedures, enabling employees to respond quickly to issues when they arise.
  • The creation of a data management office which will drive a four-year project to transform the client’s legacy systems into a data architecture that’s able to support their growth objectives.
Results

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Phillip Wood

Partner

Phillip Wood