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The fact so many people recognize the importance of the
implementation of a data management platform is not surprising. A
data management solution is an investment and, in order to get the
best return and ensure widespread internal adoption, the software
must be set up appropriately to address the firm's specific needs.
The same is true for other strategic software projects, from
front-office portfolio management to back-office processing and
accounting.
Addressing business requirements
One of the first tasks for our professional services team is to
understand the challenges a client is facing, so we can ensure the
implementation we deliver directly and fully responds to them. This
may seem obvious and simple, but it is often forgotten or
underestimated. An implementation strategy that does not fully
address the initial business challenge will result in a clunky
solution that requires workarounds and data manipulation; it will
be expensive to maintain, but will not fully address the needs of
end-users.
One of the great benefits our team brings to the table is the
ability to capture and then translate business requirements into
solutions that will become an organic part of a client's IT
landscape and business processes. This means understanding not just
our own software, but also how it must behave in the wider
operational context. Close collaboration with the client project
team and business SMEs is required to ensure we receive the input
we need and remain aligned throughout. The most successful projects
are born out of true partnership with our clients.
When it comes to data management, many firms do not have the
technical capabilities or business practices to handle their data
optimally. Our team is well versed in the principles of data
governance and stewardship, as well as data modelling. We are able
to help clients by not only technically delivering the data points
they need, but also by aligning with data management best
practices. This includes data lineage, transparency and giving the
end-user full control and a clear understanding of the composition
of their data and any exceptions.
Working with the right professional services team, who
understand the software intimately, can also help to reduce the
total cost of ownership (TCO) and maximize value in other ways.
Implementation record
Our professional services consultants are co-located with our
product management, engineering, QA and other teams and they are
continually trained on the latest product features and functions.
They also have experience of working on a wide range of
implementations across our client base (we have delivered 20+
successful data management projects and 100+ across our broader
portfolio of software solutions in the last 12 months). As a
result, they have unparalleled insight into our software and best
practices. This enables them to reduce the duration of
implementation projects and also increases the certainty that the
project is going to be successful.
Of course, the value our team offers does not end the moment an
implementation goes live. From managing upgrades to conducting best
practice reviews, there are many ways in which we help and add
value throughout the lifecycle of a client relationship.
It is reaffirming to see evidence of the high importance firms
are placing on the implementation of their chosen data management
solution and we look forward to continuing to partner with them to
ensure they get the maximum value.
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
