How to Reduce the Total Cost of Data Ownership
PROBLEM: How to Control Data Management Costs – and Still Be Flexible
Your licensing costs of data may be increasing — and that’s likely to continue.
Across the industry, consumption of benchmark and reference data has increased significantly in recent years. Market conditions and product innovation seem to indicate this growth will accelerate, as a wider range of business functions depend on this specialist data to perform a diverse range of tasks. But those are only the VISIBLE costs of data management. In many cases, your hidden costs of handling data in‐house have increased by a multiple of your visible license costs. Consider the total costs of your data, including:
- Licensing – the visible external cost
- Internal processing costs – the hidden costs of managing data (staff time, and opportunity costs) that you might not readily see. It’s highly likely that many departments across your firm are reformatting and customizing data to fit their own business purposes – adding inefficiency, inconsistency, and risk to the quality of your data.
- Technology – the investment necessary to add new data and support it
Although you might perceive license costs to be the largest component of your data costs, your hidden costs ‐‐ including technology, staff and opportunity costs – are significantly larger.
Many more people perform data management tasks than those in data management teams – because data needs to fit the purpose and suit the business process. Heavy costs begin to accrue once data is on board, especially for specialist data types like benchmarks and reference data (in data validation and quality assurance). These types of data are complex (and growing in complexity and volume) and hard to manage. Identifying, quantifying and apportioning these non-vendor costs is essential in order to measure total costs. If costs can’t be measured, they can’t be controlled. Hidden costs + significant opportunity costs = Less agile and not as competitive as you could be.
SOLUTION: The RIMES Managed Data Service Helps You Reduce TCO and Still Have Flexibility
With our fully-managed data service, your costs are transparent. We conduct all data validation, quality assurance and issue management for you, to deliver true system‐ready data seamlessly. We become your data management center. With RIMES, you can:
- Identify, manage and reduce your hidden costs – because you’ll receive completely validated, customized, reformatted data feeds fit-for-purpose directly into each of your destination systems. We feed 60+ third-party systems daily, as well as customize feeds for many different in-house systems.
- Save on data management staff – we proactively manage validating and remediation, and monitor your feeds 24/7.
- Reduce your ongoing IT developments to support data management. Adding or changing data sources, increasing volumes of complex data, and increasing complexity are all easily handled.
When you choose RIMES, you’ll finally have a solution to control data costs without compromising flexibility.