BST Awards 2021: Best buy-side data management product—IHS Markit  

OVERVIEW

EDM is a data management platform for acquiring, validating and distributing trade, operational, risk, financial and customer data.

Typical user-firms: asset managers, pension funds, insurance firms and service providers.

EDM added 16 new clients in the past year.

It doubled the size of its development team to support EDM’s migration to SaaS

In December 2020, IHS Markit won its first client in the private markets space (Hamilton Lane). 

WHAT’S NEW

IHS Markit launched its Data Dictionary, the first deliverable in EDM’s migration to a SaaS-based model, designed to support data governance and greater visibility of data. It developed new APIs to enhance integration and ease ingestion of third-party systems and datasets, as well as the publication of data to big data platforms and data lakes. It released functional- and performance-related visualization enhancements, including Web Content Accessibility Guidelines (WCAG) 2.0 definitions to render web content more accessible to people with disabilities. It diversified EDM to support clients not only in the public markets but also in private markets, while in December 2020, the firm won a deal with Hamilton Lane, which is using EDM to manage its private asset data. In response to increased buy-side focus on ESG data and investments, EDM now supports Sustainable Finance Disclosure Regulation mandates. Finally, the firm invested in technology to support remote implementations and client training, and created an early adopter program allowing clients to preview and provide feedback on new releases.

WHAT’S TO COME 

IHS Markit’s primary focus will be on the next phases of its SaaS platform. Following the release of the Data Dictionary, it plans to release additional applications on the SaaS platform that will allow users to configure their data workflows. The firm will also focus on user experience (UX), addressing the needs of users with a no- or low-code environment. It will continue to grow its team (including product, development and client communication) to support its client base, and is also building out a new dedicated UX function.

WHY THEY WON

The sheer scale of IHS Markit’s EDM efforts is impressive. Its Data Dictionary has been a mammoth task, and is the vendor’s first deliverable in its migration to a SaaS model. Other new features include APIs for easier third-party data and systems integration, and for publishing data to big data platforms and data lakes, and coverage of private markets in response to a growing need to support firms’ increasing investments in privately traded assets.