Innovation, as a concept, is happening all the time, all around us, in ways both big and small. But, an innovation is finite- It’s a matter of time before it becomes established and often taken for granted – an accepted part of everyday life. Think of the laser, the integrated circuit, robotics, the internet, mobile banking, fracking, and social media (to name just a few). While these ideas may now be commonplace, they paved the way for further innovation by the people and organizations who have adopted and integrated them into their lives and operations.
Managed Data Services and Innovation in Asset Management
The concept of Managed Data Services was innovative when RIMES started it years ago. It still is when you think about it. RIMES uses different aspects of the latest technologies as part of the foundation of our business. We break new ground in our use of specialists in different areas of financial data to deliver customized expert services to over 300 clients worldwide. It’s not a stretch to suggest that RIMES has paved the way for our clients to be more innovative in their own right – to differentiate, compete and grow their businesses.
Firms that embrace managed data services are able to more effectively allocate resources to their own efforts at innovation, unburdening themselves from the distraction of day-to-day data quality issues. In an always-challenging investment return environment, with data now considered a strategic company asset and disruptive technologies changing the nature of traditional asset management, having an expert data management organization at your back means you can focus on new ideas to remain competitive and grow your business.
Take, for example, the now ubiquitous concept of cloud services. The development, which was pioneering at the time, is now used by firms to lower their costs and/or deliver new services. In much the same way, managed data services offer a solid foundation from which firms can differentiate and scale.
Adapting to Provider Change
There is also the matter of preparing for and responding to the evolution of your data, service and systems providers. Managed data services can also help insulate firms from changes to content, data models, file formats and delivery mechanisms made by data providers. For example, over the past few years several index providers have made changes to their index families and industry classification systems due to natural changes in companies, economies and even the providers’ own mergers and acquisitions. These changes are the product of the natural evolution of markets and industries, which need to be tracked by asset managers. However, the fact that they’re natural doesn’t mitigate the difficulty of understanding the changes, planning for them and then implementing them, with minimal or no adverse impact on your business.
Consider the difficulty of winning new mandates or onboarding new data sets while you’re also trying to plan for large changes in the data you use each day. Waking up at 2 a.m. to wonder if you’ve missed anything is not a pleasant experience!
A true managed data service means you can rest easy. RIMES would have your back.
As the industry continues to evolve, data management will become an ever-growing factor in your firm’s ability to respond, differentiate and innovate. Contact us to learn how many other leading financial institutions have already leveraged RIMES Managed Data Services to achieve more agile, streamlined and efficient investment operations.