Our Most Read Article Of The Year Revisited: Xmon’s Efficient Management of Reference Data Flow Within Your Organization
In today’s data-centric business landscape, the proficient management of reference data is paramount. Robust reference data management ensures informed decision-making, regulatory compliance, and effective risk management. It is crucial to monitor the inflow of reference data from external sources, such as data vendors, into the organization, as well as the movement of data among internal systems. Navigating the tracking of reference data within an organization can be complex, particularly when dealing with diverse systems and varied data source formats and mappings. This is where Xmon comes into play!
How Xmon Enhances Reference Data Management
1. Tailored Mappings for Securities and Data Attributes
A standout feature of Xmon is its customizable mappings for securities and data attributes. This functionality empowers businesses to map their internal security references and data attributes, ensuring accurate representation, classification, and organization of data. It enables the tracking of reference data points within the organization, even when modified or mapped during their journey from source to consumer.
2. Customizable Cost Models
Xmon offers customizable cost models, allowing businesses to track the costs associated with reference data as it flows within the organization. This feature facilitates internal monetization and equitable allocation of expenses, promoting transparency and fairness.
3. Customizable Data Formats
Whether data is distributed via queues, files, or various formats like JSON or XML, Xmon provides integration adapters that allow the ingestion of data requests in their native formats for efficient tracking within the organization.
Significance of Tracking Reference Data Internally
1. Transparency of Usage and Accountability
Internal tracking of reference data enhances transparency of usage and fosters accountability. This practice provides insights into who is utilizing specific data within the organization, promoting transparent spending and reporting. It ensures that reference data is employed effectively and in the most cost-efficient manner possible.
2. Data Lineage
Tracking reference data enables the establishment of data lineage. This is vital for tracing the origin and transformation of reference data, ensuring accuracy, reliability, and alignment with business needs.
3. Internal Cost Allocation
Effective tracking of reference data supports internal cost allocation, ensuring that data management costs are appropriately distributed across the organization. This optimization ensures cost-effective management of reference data.
Client Use Case: A Leading Asset Management Firm
A global asset management firm utilized Xmon to track data requests from its central Enterprise Data Management (EDM) system to external vendors. Following successful external deployment, Xmon was leveraged internally to track reference data between the EDM system and internal consumers. This resulted in optimized spending, identification, and removal of unused data points from vendor calls, and fair cost allocation based on actual usage. The outcome included improved transparency, enhanced compliance reporting, and an 8% reduction in overall data spend.
Conclusion: Managing Internal Reference Data flows with Xmon
Xmon empowers organizations to effectively track reference data both internally and externally. With customizable mappings and cost models, Xmon enhances transparency, fosters accountability, enables data lineage, and facilitates cost-effective internal management of reference data. Ultimately, Xmon enhances operational efficiency, transparency, and decision-making through reliable and consistent data.
If you’re interested in learning more about how Xmon can enhance reference data tracking within your organization, feel free to reach out by clicking here.