Smartstream Technologies: Why should a data management utility matter to you?
Reference data is crucial for avoiding trade-breaks that regularly cause huge financial losses, and in reality the success of this is dependent on firms using the same data. Increasingly, this is recognized as a non-core function and the most cost-efficient way to ensure reference data is correct across each organisation is through industry collaboration. By moving data management to a utility model, firms have the unique opportunity to share data-related costs and ensure that a larger number of its users work from the same data. A fully operational reference data utility promotes standardization and consistency in the marketplace, which is paramount for improving data quality and reducing risk in financial services – a concept which is being adopted today.