As internal and external scrutiny of data sourcing and consumption increases, EDM enables financial firms to respond confidently by delivering a comprehensive, end-to-end view of their data. This allows firms to optimize their data usage in four key ways:
- Data control
- Data usage history and trend analysis
- Vendor cost review
- Improved vendor contract compliance
Data quality and request history user interfaces
Dashboards allow business users to monitor the overall quality of data, in turn helping the organization to ensure the highest possible quality across its vendors, all the way down to the individual attribute level.
Underpinning the platform are its audit and lineage capabilities, which provide a complete view of the data from acquisition through to matching, implementation of data quality rules, distribution and usage.
EDM centralizes vendor data requests so they can be controlled and monitored from a single point. This makes it possible to perform analysis of duplicate or unnecessary requests, supporting cost reduction.