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Data Management: Does Your Implementation Strategy Address Your Business Requirements?
When it comes to enterprise software, the question is not only which solution you choose, but also how you implement it. This point is underlined by the findings of new research about data management, published by the organizers of the FIMA conferences. When asked about criteria for assessing third-party data management solutions, respondents from the buy and sell side agreed the quality and availability of implementation specialists is the most important consideration (aside from the technology itself).
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.
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.
- Read the latest research into data management trends, based on a survey of 100 practitioners from buy- and sell-side firms.
- Learn more about our Professional Services offerings for EDM and EDM Warehouse.
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.
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