Best Reference Data Newcomer (Product): AIM Software

IRD/IMD Awards 2017

IMD/IRM Awards 2017 Best Reference Data Newcomer Product
Max Bowie; Deepak Srinivasan, CTO; and James Woodford, sales manager, AIM Software

As well as pressure on reference data teams to make changes to systems and processes to meet regulatory requirements, they often feel the strain of dealing with changing vendor licensing agreements. The winner of this year’s Best Reference Data Newcomer (Product) award, however, has tried to eliminate the pain of dealing with the issue. While not a newcomer to the market, data management vendor AIM Software has set itself apart with its launch of GAIN Data Portal—a data depository designed to create a centralized approach to data sourcing and distribution, creating a data management foundation that can make it easier for firms to handle changes to data licensing agreements.

Vienna-headquartered AIM Software was approached by clients with just six months to make changes to avoid a 20 percent increase in data costs, as existing limits were being removed by a data vendor—potentially having a huge impact on data expenses.

AIM Software dived into a project to help clients quickly, coming up with GAIN Data Portal, which allows users to source data from a centralized location, thus controlling data usage. Firms using the system can add a list of authorized end-users that can run predefined requests and download data on demand via a web-user interface, which reduces reliance on terminals and negates the need to pay for more users than necessary.

Judges praised AIM Software for a “welcome and necessary” offering, which solves a “cost dilemma”. The initiative was also celebrated for its “innovative and client-sensitive approach” with “continued advancement of features to enable users to control access, distribution and usage of data”.

The system, which was launched last year, has also proved easy to install for clients, with one existing client being able to install GAIN Data Portal within a day, and then roll it out to ensure hundreds of spreadsheets could source data directly from the portal to comply with vendor licensing agreements.  

Olivier Kenji Mathurin, head of strategic research at AIM Software, says the company has seen huge interest in the GAIN Data Portal as pressure continues to mount on heads of data to find detailed information on data usage, keep costs down and be better positioned when negotiating contracts. “Initial savings are typically delivered from the outset thanks to sourcing optimization. The product also facilitates transparent cost allocation across business units,” he says.

While data vendors continue closing deals with data-hungry users, AIM Software is doing exactly the same, enabling users to track which of the datasets are being consumed where.

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