Managing reference data with confidence has become increasingly important in today’s data-driven business environment. Effective reference data management ensures that businesses can make informed decisions, comply with regulatory requirements, and manage risk. It is important to track reference data coming from external sources, i.e. data vendors, into the organisation, as well as tracking data moving between systems within the organisation. Tracking reference data inside an organisation can be a daunting task, especially when it involves multiple systems and data sources formats and mappings. This is where Xmon can help!
How Xmon Can Help
1. Customizable Mappings for Securities and Data Attributes
One of the key features of Xmon is its customizable mappings for securities and data attributes. This feature enables businesses to map their own internal security references and data attributes, ensuring that their data is accurately represented, classified, and organised. This feature allows tracking reference data points within the organisation, even if they are modified or mapped on their journey from source to consumer.
2. Customizable Cost Models
Xmon also includes customizable cost models. This feature enables businesses that wish to do so, to track the costs associated with their reference data as it flows within the organisation, allowing them to monetize and allocate spend internally in a fair and transparent way.
3. Customizable Data Formats
Whether data is distributed on queues, in files or other formats such as JSON or XML, Xmon provides integration adapters that allows the ingestion of data requests in their native formats for tracking within the organisation.
The Importance of Tracking Reference Data Within The Organisation
1. Transparency of Usage and Accountability
Tracking reference data inside an organisation is important for several reasons. Firstly, it promotes transparency of usage and accountability. By tracking reference data, businesses can have a better understanding of who is using what type of data in the organisation and enable transparency of spend and reporting. This promotes accountability and ensures that reference data is being used effectively and in the most cost efficient way possible.
2. Data Lineage
Secondly, tracking reference data enables data lineage. Data lineage is important because it enables businesses to trace the origin and transformation of their reference data. With data lineage, businesses can ensure that their reference data is accurate and reliable, and that it meets the specific needs of their business.
3. Internal Cost Allocation
Finally, tracking reference data enables internal cost allocation. By tracking reference data, businesses can ensure that their data management costs are allocated appropriately across their organisation. This ensures that data management costs are optimised, and that reference data is managed in a cost-effective manner.
Client Use Case: A Large Asset Management Firm
A global asset management firm had been using Xmon to track data requests from their central Enterprise Data Management (EDM) system to external vendors for several months, reducing costs and improving transparency. Following the successful deployment on the external side, the client then moved on to leverage Xmon internally to track reference data between the EDM system and ultimate internal consumers.
By using Xmon’s flexible data mapping and realtime tracking functionality, the client optimised spend by identifying data points that were acquired but never used, removing them from vendor calls and started allocated costs fairly to internal data consumers based on actual usage. This resulted in improved transparency, better usage reporting for compliance and audit purposes and a further cost reduction of 8% on overall data spend.
Xmon empowered this client to track reference data effectively both internally and externally, leading to decreased costs, enhanced transparency, and fairer cost allocation.
Conclusion: Managing Internal Reference Data flows with Xmon
Managing reference data with Xmon enables businesses to track their reference data with ease, ensuring that data it is accurate, consistent, and reliable. With its customizable mappings for securities and data attributes and customizable cost models, Xmon promotes transparency of usage and accountability, enables data lineage, and facilitates internal cost allocation. Ultimately, Xmon helps businesses improve their operational efficiency, enables transparency and accountability in the organisation and allows stakeholders to make better decisions based on reliable and consistent data.
If you’d like to know more about how Xmon can help you track reference data inside your organisation, don’t hesitate to reach out by clicking here.