It Takes Two Firms to Help Other Firms Understand Data
September 2, 2011
Data management software firm iGATE Patni has just inked a deal with data usage specialist Appfluent Technology to help financial firms understand just how efficiently they are using their data.
Too often IT departments just don’t know how much data is being used and just often by each business line and application so financial firms can spend far too much money on data acquisition, management and integration. They also face the operational risk of either not processing data fast enough or at all to make the necessary trading and post-trade processing decisions.
Data procurement and management is widely considered one of the top five operating costs for large global banks and brokerage firms. Knowing just how much data is being used, when and where can help firms renegotiate contracts with information vendors and reeingineer internal applications to acquire and distribute information faster and in formats which can be used more readily by front, middle and back office executives.
iGATE Patni, which offers data scrubbing software, will embed Appfluent's software in iGATE Patni RADAR so customers of IGATE Patni can effectively measure how business units and departments are utilizing data and how data is being used in data warehouses.
"To help reduce operational costs and risks, financial firms need a good understanding of how reference data is sourced, cleansed, transformed and consumed throughout the firm,” says Fred Cohen, group vice president for capital markets and investment banking in Boston for IGATE Patni in a statement issued by both firms. “ iGATE Patni RADAR as a service addresses these issues and our alliance with Appfluent will enable us to efficiently model data consumption throughout the enterprise.”
IGATE Patni and Appfluent officials were unavailable for immediate comment. On its website, Appfluent says that it provides "insight into business activity and usage, exposes how data is used and what data is unused, and tracks inappropriate or unauthorized user activity." The end result: organizations can justify costs and plan investments, diagnose and resolve issues faster and effectively manage exploding data growth.
