Master Data Management (MDM) solutions have a whole host of capabilities for organisations in the finance sector: from detecting fraudulent activity and identifying new profitable opportunities, to streamlining regulatory compliance and offering superior customer experience.
We know that data in the sector is susceptible to becoming dirty, duplicate, and dated. Institutions integrate data from an increasing number of channels which are often inconsistent and inaccurate with conflicting formats. Customers now have access to a greater number of finance options, which also causes difficulties when matching customer identities across the host of channels.
Wissen’s Master Data Management Financial solution cleans, validates and integrates your data to create one seamless point of reference for all your critical information. This instantly improves operational performance, productivity and your capability to drive powerful analysis, identifying new opportunities, limiting fraud, and increase customer engagement along the way.
The ability to perform financial and business functions based on the accuracy of recorded data analysis and financial operations is a basic summation of an accountancy professional. Our Master Data Management solutions perfectly align with the daily tasks of an accountant.
Many accountants today are operating within a global network in a single company, managing both public and private in-house data flows. Each entity within a business has its own location and default currency, for example. The problem is that business still operate from separate local data copies, often housed in Excel documents. When created in different silos, data can easily be duplicated and become inconsistent, which in the finance world can accountancy world can lead to reconciliation problems. Simply put, projects are hard to pull off without a Master Data Management solution to house all your data flows in one place.
Once we implement the Master Data Management solution, which puts you and your business goals first, once disparate data flows can be pulled together and shared amongst your business and operational systems, enabling accountancy firms to have better oversight of a business at each hierarchy in the structure. Master data can also be easily tied with your analytical systems, making financial forecasting much easier to manage and utilise.
This holistic approach toward shared business data is significant for our accountancy clients. Improving internal processes across an organisation establishes a culture of strong data governance for the benefit of the business, clients and customers. Professionals are able to quickly assess data quickly to find out what has changed every quarter, for example, and the reasons for the change.
This makes our MDM service invaluable for accountants, from part-qualified professionals through to finance director level and why so many of our clients benefit from becoming truly data-driven.
Information remains the most valuable commodity in the financial markets, which means that Master Data Management is always a worthwhile investment.
Improving the quality of your master data is instrumental in intelligent decision-making and confidence in your business. Master Data Management enables you to pull data from disparate data streams so you have a single view of your business, making it easier to spot errors, growth areas and opportunities.
Just as a construction site needs hundreds, if not thousands, of workers to turn a blueprint into a build, an investment fund is reliant upon individual investors from separate channels to pool resources into an asset. A handful of managers need the right tools to manage the number of workers (or investors) to avoid waste and chaos.
It’s analogies like this which capture the importance of Master Data Management as a centralising tool for industry. The managing of shared data, shared across applications is a challenge that every industry must tackle. Master Data Management, in this sense, addresses underlying issues that are typical of all large companies, from finance to retail and healthcare.
The impact of Master Data Management in these key industries is why we’re so passionate about our solutions. Big data has been a buzzword for years, but it’s only now that the finance industry is adopting data governance solutions to shape future business strategy.
Where established investment funds have been complacent to utilise data with technology, disruptors and technology giants have come into the market with the data-driven solutions to long-standing issues. Technology is forever changing the competitive landscape in the asset management sector. With solutions like Master Data Management platforms at your disposal, everybody could indeed be a winner.