Beyond efficiency, why digitalize your data ecosystem?
Prenisha Pillay | GTM Strategy, Commercial Development Office, Asset Management and Alternatives, FIS
April 29, 2021
Capital markets firms continue to address their data management challenges by digitalizing their operations. Other than the most obvious benefits of saving time and money, what exactly are the advantages of a more digital data ecosystem?
From AI and robotics to APIs and the cloud, we’re hearing a lot about how the latest technologies can automate and optimize back-office processes such as reconciliation, corporate actions management, pricing and security master data management. While automation is clearly good news for costs and efficiency, there are further positive implications for your data.
If you're considering the merits of a less manual, paper-based environment, here are six reasons why digital makes more sense than ever for data management.
- Actionable data
Standardized, highly automated data management processes make data faster and simpler to monitor, analyze and action for well- informed decision making and reporting.
- Easier compliance
Investment in digital technology will help you improve data governance and control, while freeing up your resources to focus on strategic initiatives related to regulatory change.
- Simplified technology
Cloud-based systems can help streamline on-premise operations, with managed services not only taking care of IT hosting, upgrades and maintenance but also monitoring and managing data management processes.
- Remote access
In the widespread switch to working from home, triggered by the COVID-19 pandemic, the cloud is also playing a defining role. Now employees can access data systems, run processes and make critical decisions from anywhere in the world.
- Resilient operations
As well as forming a key part of business continuity plans, digital cloud-based platforms are helping firms bullet-proof their security and provide a stronger defense against cyberattacks.
- Speed to market
Digital systems are easy to both scale to growing volumes and adapt to new market demands. They give you the agility to move quickly with the times and support whatever new data management challenges come your way.
Add up these advantages and you’ll see that digitalization can help you move beyond efficiency to totally re-engineer your processes – and deliver a future-proof data ecosystem as a result. What more reason do you need to go digital?