Enterprise Data Management - Finding Our Nirvana Manual data collection is proving to be a painful thorn in the side of financial services firms seeking to implement enterprise data management (EDM) strategies. Reliance on manually collected data could scupper drives towards enterprise data management in the financial services industry. While data projects remain high on the agenda for the industry as firms continue to centralise data functions and manage costs, many are struggling to deal with the enormity of manually collected data that flows through their operations. The financial services industry has dedicated considerable thought and resources towards achieving the nirvana of a single complete and correct version of a core dataset. What is not often discussed is how to deal with the exceptions and the non-vendor based content. However, there is an increasing awareness of the risks associated with manual data collection and its contribution to valuation errors, missed deadlines, overstretched resources, scalability constraints as well as operational risk. The changing regulatory environment and international accounting standards are further adding to the need for greater transparency. Eradicating manual data collection can help resolve all these issues simultaneously. The biggest challenges lie with illiquid fixed income and over the counter (OTC) derivatives where the structured nature of the assets make data less transparent and therefore, not particularly easy to collect. But organisations are struggling to capture complete and accurate records for instruments such as American depository receipts and contracts for difference, where an underlying security can add confusion, as well as all variants of funds. Even mainstream activities such as unit trust pricing can prove troublesome. These challenges are not only limited to pricing data but extend to cover income and capital events as well as asset identification and static data. There are numerous systems on the market that can assist organisations to construct their own data management platforms. These can add some value managing the bulk collection, storage and processing of readily available data. Building a process for capturing and processing the existing data feeds may improve clarity and transparency. However, this is far from an all-encompassing data initiative. Many organisations can achieve good levels of automated processing for the bulk of their data, but manually collected data often remains untouched by the EDM strategy. If manual data that is input to a central data platform is not subjected to the same stringent routines as readily available data, it will create background noise and confusion. If multiple sources are used to validate listed content but only a single manually input entry exists for other datasets, consistency can never be achieved. Building solutions It is widely acknowledged that an entity's overall performance is limited by the weakest component. In data management terms that will be the human element. Manual data collection will still exist once all of the readily available content has been automated and will continue to cause problems and chip away at quality, costs, resources, management and reputations. The challenge facing the industry is finding a way to collect, database, normalise, reconcile and validate all data even for the labour intensive and risk prone manual data. The core principal of automating data collection is surely the correct approach. Automation is the key to removing the weakest link in the data management chain - human error. Computers don't care if they are performing mundane tasks or not, nor do they care whether, as a senior computer, they are performing junior tasks and are not being fulfilled. Credit crunch worries or deciding what they want for lunch fail to distract computers. Add complexity to mundane tasks such as having to collect data from numerous sources and utilising various emails, websites, extranets, terminals, internal departments (whose primary function is not to provide data to other teams) and, ultimately, having to contact somebody at another organisation, and it's easy to see why data management is such a complex, labour intensive and fragmented process. The data, once gathered together, typically resides on an array of spreadsheets, with colour coding and bold fonts to stop the various users falling through the cracks and locked cells to stop one user deleting another user's macros all without audit trails to assist with unraveling queries or problems. In this scenario, it is easy to see why mistakes happen so frequently. This is a very common situation that we see and is the starting point for defining a potential data solution. The data is generally available somewhere, just not in an easily accessible form. It could be imbedded in an encrypted PDF, a Word document, spreadsheet, email text as part of a distribution list or on a website/extranet and many more. This problem is unlikely to go away in the future. The ever expanding range of instruments will continue to pose challenges. The advent of additional trading platforms and the growth of off-exchange and algorithmic trading means liquidity is being forced into less transparent pockets. The collection of the pricing and reference data for these instruments will continue to be challenging. Clearly a defined strategy to tackle manual data collection is necessary. Technology alone cannot solve all the problems in this area. A rigid, purely technology focused approach can lead to silos of data, with any individual successes and gains unable to be reused elsewhere, potentially resulting in the proliferation of mini data management solutions, with no correlation. Flexible automation Combining a flexible model with process controlled applications is critical to successful data management initiatives. Furthermore, spreadsheets alone are not the solution. Databasing the content is the logical starting point, allowing it to be managed via controlled processes with full audit trails. A small gain in one area is all well and good but if it adds problems either up or downstream, no overall gains are made. The objective is to automate every possible step, but flexibility must be maintained to ensure an automated process can be adjusted to accommodate changes and evolve with the advent of similar requirements elsewhere in the overall process. Flexibility in individual solutions allows successes to be combined, leading to marked enterprise-wide gains. This type of solution is not easy to achieve and requires bespoke systems, skills and maintenance, but to make significant gains and provide scalable solutions that can evolve as business requirements change, flexible automation is a must. With the ability to reuse the framework or template from each individual success for other similar challenges, it is clear to see how versatile technology based solutions can contribute to executing the high level data management strategy most efficiently. However, exceptions do and will continue to occur, and when they do, experienced staff will be required to solve them. With senior administration staff and analysts removed from the shackles and monotony of actually collecting data, they can focus more clearly on applying their knowledge and experience to those situations that warrant it. So is the ultimate goal of fully integrated, enterprise wide data management initiatives actually achievable? Perhaps it is nirvana. It will certainly remain out of reach without a method for handling manual data. With years experience of introducing solutions for the myriad of challenges that clients and prospects face in the highly pressured valuation environment, very few organisations fully understand the principles needed to deliver such solutions. Focused and experienced specialist suppliers of data validation services must develop tailored processes to automate 'manual data' capture and validation. Experience tells us that there are no quick fixes. While the goal must be kept in mind, if the problem is tackled in achievable steps with each one contributing to the overall objective, progress will be made. This way, with a defined set of practices, approaches and procedures contributing to the overall objective, plus the experience acquired along the way, benefit will be gained from past achievements further down the line by adapting and evolving previous solutions. The reality is that big goals are daunting, ever changing and can become overwhelming. Cutting out the background noise and interference leaves a clear view of what remains to be done. From this lofty vantage point next steps can be defined that build on the gains already made and maybe, just maybe, the goal is achievable. Kevin J. Maxwell Marketing Manager
10 Easy Steps to Succeed in Your Online Classes
Congratulations Youve made up our minds to pursue your upper schooling, and doing so online is how to pass if you have an interest in a versatile, studentcentered educating manner. Studying online permits you to pursue different pursuits and attend to different responsibilities whilst nonetheless operating your method towards some extent. However, it will now and again imply that its clean to get distracted. Here are 10 clean steps to verify luck on your online categories.
- Connect together with your instructors once conceivable.
Even in case you are doing smartly within the category, its extraordinarily vital to increase a rapport together with your trainer. When you do that early on, you temporarily understand what the priorities are within the route, what expectancies the professor has of you and youre going to be motivated to prevail, surer of whats forward and higher ready to do smartly with the impending subject material.
Valuable questions to invite your trainer come with the next
How versatile are you with time limits
How versatile are you with grownup freshmen
What applied sciences do you employ within the route
How to be had are you through e mail and different sorts of verbal exchange
How do you put up an internet neighborhood and what are the expectancies for participation in it
In addition, since instructors are to be had to lend a hand all over the classes, its all the time just right to have had private touch with the trainer early on. This method, when you wish to have lend a hand, its more straightforward to achieve out and get the help you wish to have.
- Confirm the technical necessities of the route.
Online categories can also be very advisable for college kids with busy schedules, however provided that they are able to simply get right of entry to the fabrics. It is vital to obviously perceive what the technical necessities are. So, ahead of the route begins or as quickly thereafter as conceivable, youll want to test that your pc will paintings with the entire online equipment, and that you understand how to navigate them. This will be sure that you dont must spend time all the way through the route attempting to determine the generation.
three. Create a time table and stick with it.
Quality online instructors create classes which might be clean to navigate and feature transparent expectancies. Having that roughly easytodealwith framework in position will make learning and succeeding that a lot more straightforward. However, although the framework and necessities of your category arent as transparent, youll create a time table and construction, which is able to very much fortify your probabilities of luck within the route. Using equipment equivalent to Google Calendar is a good way to start out. Knowing how your weeks and months glance and scheduling blocks of analysis time for each and every activity or module will will let you stick with a time table.
four. Ask questionsall the time.
When you dont perceive, ask questions. When you do perceive, ask additional questions. Instructors recognize scholars who take part, and if theres a participation or dialogue part a part of the grade, then asking high quality questions is helping guarantee your grade on this space. Even if there isnt a participation part, its all the time helpful to invite inquiries to remember to perceive the fabric and are transparent on what is needed of you.
five. Be arrangedand keep arranged.
Students whore taking conventional, campusbased classes most often have a constant time table to observe each and every week, through which study room instruction is adopted through assignments out of doors the category. However, for online classes, scholars will have to search out their very own techniques to stick on most sensible in their paintings. It is crucial that you just be arranged from the start of the semester with the intention to achieve success in an internet route. For instance mark task due dates on your calendar, discover a submitting machine for each online subject material and bodily subject material that is helping you stay monitor of the whole lot simply, and shed light on find out about schedules that duvet sections of the route one by one so youve got an arranged tactic to protecting the semesters subject material as you pass alongside.
- Have a blank, quiet, and constant workspace.
One factor online and inclass classes have in not unusual is that scholars all the time want a spot to review or whole assignments this is blank, quiet, and constant. You can select the place that is for youwhether or not its at a espresso store, a college library, a devoted place of business, or at house. Wherever you select to review and whole assignments, you must make it a constant location that doesnt have out of doors distractions. It is basically key that where is quiet and lets you focal point in your paintings with out distractions.
- Do no longer procrastinate.
Successful distance freshmen hardly procrastinate. They dont do away with assignments or wait till the final second to write down their papers. Successful online scholars experience freedoms that come with operating at their very own tempo and the facility to finish their paintings in as a lot time because it takes them. On the opposite hand, they know that finishing their assignments is best performed early and on time cramming merely doesnt paintings, and it doesnt will let you retain knowledge longterm. Get began early on getting a success.
eight. Work in your studying comprehension.
Successful distance freshmen generally tend to have just right studying comprehension abilities. Most conventional, campusbased scholars concentrate to lectures and take notes, and a few online classes additionally require this. However, the vast majority of distance freshmen are anticipated to grasp subject material thru a large amount of studying. Although far finding out classes be offering video recordings and audio clips, maximum systems require scholars to hide and grasp a considerable amount of written knowledge. If it is a problem for you, it could be very useful to first sign up in a studying comprehension route there are lots of assets online that will help you do that. This ability by myself could make a huge distinction on your luck.
nine. Establish and admire routines that be just right for you.
If, for instance, youre employed best within the morning or in brief bursts, then set find out about routines that can help you find out about within the prelunch hours when your mind is contemporary. If, then again, you do best through learning at evening or at the weekends when youll devote nightowl hours or longer blocks in your learning, then make it some degree to take action. Consider how and whilst you paintings best, and enforce a find out about plan that respects the routines that be just right for you.
- Connect together with your friends.
Establishing sturdy connections with friends and professors is a very powerful facet of tutorial luck, in addition to skilled development. One of essentially the most rewarding reports in schooling is finding out thru collaboration. Forming significant relationships together with your friends and professors can can help you be told extra, keep motivated, and feature an outlet to specific your personal working out of subject material. So, keep attached thru message forums, chat rooms, e mail, and different digital assets. And take note lots of the other people you meet in faculty shall be conceivable process assets down the road so determine connections and keep in contact
Florida National University gives a wealth of tutorial and professional online classes. Check out the entire choicesyour long run is ready
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