The time to be efficient is now

  • Data quality and completeness are two critical factors for any search. Accurate data and timely submission of critical data points ensure that your products are visible during searches. You should ensure data is checked at various stages of the data reporting process, including adequate oversight of historical data to ensure consistency. Make sure that more than 90% of data is updated. Conduct periodic reviews.
  • Your data conversion process should be seamless, with minimal manual effort. This is a key problem when information is sourced from multiple places, tools and teams within the organisation. Data is gathered in a staggered fashion and in different formats. An ideal solution should be able to use data from multiple formats/sources but not require you to expend significant manual effort to convert data into tool-acceptable formats for reporting.
  • Implement a strong consultant database update process. This could include maintaining a record and audit trail of factors such as data inconsistencies, solutions, error logs, and remedies. Such processes are people-dependent and can be impacted by key person risk. Hence, a very-well-documented process is required to maintain consistency.
  • Create a centralised team to update databases consistently, rather than multiple teams updating them from various geographies. Ideally, you should look for a solution that combines database specialists who can communicate clearly with different functions, geographies, the internal team, and external data providers, and take complete ownership.
  • Right combination of people, process and technology to deliver higher efficiencies. People can ensure adequate controls are in place, data governance, clear communication and accountability. An effective process ensures consistency and higher quality. Technology brings people and process together, to help them achieve results in a cost-effective manner.



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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points.