Data Acquisition is as the process of acquiring, collecting, filtering and cleaning the data. Aim of processing data to have a gold copy of data set before it gets stored in data warehouse or any other storage solution. Data Acquisition is the most important element in the data solution provided in reference data universe. We need to get most accurate and current data for communication to upstream and downstream of data flow. The upstream and downstream could be any of financial institutions or data providers.
The first step in the reference data management is to get the data. To source and validate data, data acquisition process plays an important role. , without them institution loses any benefit that a wider data management process would provide. Data has become an indispensable part of every economy and business function.
Data Acquisition Challenges
In current scenario, reference data industries are facing many challenges like statistical measurement of quality, efficient handling of data and it’s storage and accumulated cost of the entire data solutions. They are struggling in acquiring data without sacrificing the quality and reliability of the data. Different firms attempt different solution for reference data. We in Xoriant have identified the below common challenges and proposed their solution to the industry.
1) Different sources for different needs: There are various data vendors available in the market. Every vendor has their own market share. Availability of many data providers have created a challenging situation to decide the best provider. Every provider has their own strength and weaknesses. Xoriant could be one stop solution for choosing one of the best data providers. It has a great presence in the industry and enormous data set to cater almost all need to reference data need of the industry.
2) Scale and complexity: Data emerges in the large scale, which is not easy to handle. Large volume of data is a challenging issue for many financial and business institutions. Traditional software and tools are not enough for managing large and increasing volume of data. Even handling the increasing complexity of data is itself a big challenge. In Xoriant – CDi we have a great amalgamation of latest technology with industry experts. We have incorporated latest technology including RPA and AI with vast domain knowledge to handle largest set of complex.
3) Different levels of Quality: Differences in data vendors lead to differences in the quality of the data. Sourcing information from various markets such as trade markets results in data of uneven quality in run time with low cost. Consequently, clients need to do efforts to get the data into usable term. Xoriant – CDi helps in enhancing data quality from all dimensions. Data quality solutions incur less cost. Cost can be rationalized by lowering it, which improved process efficiency.
4) Security and Privacy challenges: Reference data contains a large volume of data. Big data set can’t be handled through conventional software tools. There should be Proper sanity checks and security should be in place to store and distribute reference data. Xoriant CDi on Demand” is the product complete solution of the security and privacy of data. OnDemand have capability to store data for the individual clients on clouds with greatest security.
5) Auditing: Data should be stored for audits. Audits ensure that data is being used in the contracts or in any other regulatory. It should be as per client a requirement that may come up is of good quality and in sable form. This is another level of activity among data management groups acquiring reference data. Xoriant CDi has competitive legal entity database. Data is well audited and database comprises reference data of all types and regions that are useful for downstream.
6) Regulation Adherence: All new era reference data vendors are struggling to adhere new and changing regulation needs. Xoriant have a complete solution for this problem. Xoriant have proven experience in catering regulation need like AML/KYC, Solvency II, MiFID II, BCBS239, Basel. Xoriant have a data lake to cater regulatory and compliance needs.
Data is both a leading business risk as well as a competitive advantage. That’s where Xoriant CDi comes in and provides various solutions for data management and effective data governance norms.
