Managing master data may seem like a never-ending challenge, but it can be critical for achieving seamless processing and efficient operations. Choosing whether to buy or build data management software is an important first step, but investment managers must not stop there.
The latest paper in our InsideOps series examines three areas that should be top of mind when implementing any master data management solution:
Core processing: Spend time up front defining data requirements and creating a robust data strategy to help confirm that your master data meets your business requirements.
User interfaces and workflows: Take advantage of this opportunity to design new and improved controls, and create screens that deliver the right information to the right people at the right time.
Integration: Consider how the new system fits with existing technologies and processes, and confirm that operational teams are well equipped to perform data management duties.
By beginning the assessment and integration planning work right away, firms could not only support a successful implementation, but also help maximize the benefits they realize over time.