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The utility of wikis in data management

Though relatively new in the grand scheme of things, so-called “wikis” – or server software that allows for the creation and editing of web content, according to Wiki.org – have long been part of the Internet lexicon, evidenced by several website addresses that have this phrase as a prefix.

However, when it comes to data management, it’s not used nearly as frequently.

But according to Waters Technology, wikis do, in fact, have their usefulness as it pertains to buy-side financial institutions, data management and data governance.

The examples of financial services companies’ utilizing wiki technology for advantageous purposes are fairly¬†widespread, the source noted. For example, according to a senior management executive in France, because wikis allow for editing to take place, greater involvement among other executives is fostered so that certain tasks can be taken care of as they pertain to overall functionality of a company and data warehousing.

International usage of wikis evident
Wikis are also used with some consistency among financial industry officials in Luxembourg and Italy. Utilizing them encourages colleagues to keep data up to date. However, there typically is an administrator for wikis. In other words, it isn’t just anybody that can edit information profiles. Waters Technology noted that approval needs to be granted before a database can be accessed.

Uday Odedra, who heads a data solution delivery firm based in London, indicated that his company has made note of the use of wikis, and as a result, may adopt their usage.

“We have done some thinking on collaborative data management, wiki and its application to data quality management processes across less-sensitive data – such as legal entity, financial instruments and products – but we are in the early stages,” said Odedra. “As an example, how about making a wiki framework or a service available to your organization where anybody within a couple of clicks can find out more information on reference data, or submit a challenge because something doesn’t look right to them?”

Steve Engdahl, a Boston-based senior vice president of a product strategy company, had good things to say about wikis as well, according to Waters Technology, noting how they could help determine earnings estimates and collect data that’s proven hard to track down.

In short, industry experts say that wikis inspire workplace inclusiveness by allowing others to contribute to a business’ success.

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