Across the finance sector, informed decision-making based on accurate market intelligence has always been a key ingredient of long-term success. But in recent years, advances in technology have enabled organizations to make giant strides in data capture, storage and analysis. At the same time, the need to interrogate data in pursuit of new insights and intelligence has intensified.
Many finance sector organizations are hoping to achieve greater insights by consolidating and cross-referencing data across departments, with specific examples including
With sources and volumes of business-critical data only likely to increase in future, many large organizations have embarked on enterprise-wide data warehouse (DWH) initiatives to create a pool of core historical data to be drawn on by a variety of business users.
But creating an effective data warehouse is considerably more complex than simply channeling data from live systems into a catch-all database for future analysis.
Many DWH projects have run into difficulties and have been shelved. Organizations that under-estimate the scope and scale of a DWH implementation project risk wasting valuable investment dollars and internal resources on a facility that is incapable of producing reliable data for business users. Slow delivery of inaccurate data at high cost quickly adds up to a ‘white elephant’ IT project, but perhaps more important is the opportunity cost and the risk of falling behind peers and competitors in terms of analysis and intelligence.
OmniFi facilitates the extraction of raw data from the Wallstreet Suite and other internal systems, and performs an initial transformation, before delivering it to the data warehouse’s staging area for further processing.
What makes our solution different? In short, intelligent data extraction. Rather than extracting all the data, OmniFi updates the date warehouse by first analysing the most recent data flows (typically from the past 24 hours) in order to identify only the data elements and fields that need to be retrieved.
Because OmniFi focuses on the data that has changed since the previous extraction (effectively performing a ‘delta’ extract) it reduces extraction times from weeks to hours. This means OmniFi can tackle the common challenge of making backdated changes to previously uploaded transactions by intelligently identifying only the fields and entries directly impacted.
OmniFi is able to extract every piece of data residing within every module of the user’s Wallstreet Suite, from static reference data to market data to calculated data.
Extracting the greatest value from available data is one of the major challenges – and opportunities – for today’s financial institutions.
For central banks, flexible and responsive reporting and analytics capabilities are fundamental to the conduct of core responsibilities such as reserve management, market operations and oversight of systemic risk.
For banks, asset managers and corporate treasuries, the ability to analyse and cross-reference data from multiple sources ‘on demand’ supports more efficient and accurate hedging and investment strategies.
As a long-term trusted provider across the finance sector, SkySparc has developed both proprietary technologies and best practice methodologies based on our consultants’ extensive experience in establishing data warehouse facilities, as well as other automated reporting projects.