Investment managers’ ongoing success and profitability depends on satisfying clients’ evolving demands. But to provide the services customers want, firms need one thing above all else: high quality and timely data.
Forrester Consulting recently interviewed and analysed various investment managers as part of a Total Economic Impact (TEI) study to assess how enterprises could benefit from deploying the RIMES Managed Data Service (MDS). Among the benefits, Forrester found users were able to improve their client service levels in a number of powerful ways.
- Enhanced reporting – Providing high quality and more frequent reporting to external clients and internal teams depends on rich, accurate and timely data. Forrester’s study participants reported greater benchmark data quality and accuracy thanks to RIMES MDS’ customized data feeds. One firm estimated it saw a 20% improvement. Another noted that its portfolio analytics team experienced delays ranging from an hour to a few days with its previous data services vendor, as the team struggled to reconcile the errors, whereas it rarely sees benchmark data errors with RIMES.
- Increased responsiveness to client demands – According to Forrester, the organizations commended RIMES’ ability to meet their highly customized needs and, in turn, increase their agility and responsiveness to their own clients. As one investment management VP noted: “RIMES was able to show us they had influence, and folks established in markets we weren’t able to break in as easily. One example of a client in the Far East — we needed a special service, and RIMES was able to get in there and work things out and deliver it successfully. They saved us from losing an institutional client.
- Flexibility to support new products – The Forrester study found that by using RIMES MDS, firms’ data operations and performance teams were able to expand the number of vendor sources they use, and explore additional product offerings and services for clients, with a faster time-to-market and without requiring additional headcount. “Clients are coming up with more sophisticated requests, and as we roll out new segments of products, we need the underlying data necessary to support those,” said a VP at one investment management firm. “RIMES helps us meet the demand for our clients to provide new approaches and win new business.”
- Focus on core competencies – More accurate and timely benchmark data and performance attribution analysis information translates to less time spent on remediation, and increased productivity for portfolio management, risk and performance analytics, operations and IT teams – enabling firms to concentrate on value-added tasks that matter.
As a VP at one investment manager observed, RIMES MDS frees the firm from operational concerns, “so we can really focus on what the core values of the company are, which are managing money and getting people their data.”