The Ideal Reference Data Utility – Animated Video

Reference data utilities act as a hub where relevant information can be collected, normalized, cleansed, enriched, and integrated before being fed to organizations across the industry. These entities provide a faster, more flexible and cost-effective way for financial firms to access the data needed to operate effectively.

The mutualization aspect of a utility also raises the bar in terms of excellence ─ by contributing data, users increase the quality of the information disseminated by the utility, while also benefiting from the contributions made by every other user. As a result, the cost of collecting and maintaining reference data decreases, while quality increases. In this way, a data utility offers organizations a way to both reduce operational costs and mitigate the risks associated with data governance and legacy integration.

Solving issues relating to data quality and timeliness should be the top priority for an industry-led reference data utility, according to nearly half of the respondents to a recent WatersTechnology survey sponsored by SmartStream Technologies.

To view the whitepaper A New Approach: Assessing Data Management Practices and Current Demand for a Reference Data Utility on which this animated video is based, CLICK HERE.

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