Do you know where your data is hiding? Is it tucked away in a silo that only a few people know about? Buried in a spreadsheet? In another system outside of your company? Perhaps it is hiding in plain sight, but impossible to access because of a broken formula.
Wherever your data is, it should be working for you, not overworked.
What do I mean by overworked? First, your data should be easily accessible by the people who need it, anytime, anywhere. Second, your data shouldn’t require any manipulation or multiple hops to get to where you need it. The more you touch data and the more stops it makes along the way, the less reliable it becomes. And in the asset management world, the only thing worse than not having data to report is reporting incorrect data.
Taking a unified approach to data is essential for asset management firms, particularly when it comes to sales and client communications. Technology advances in cloud and automation mean that now you can automate the process of integrating data directly into all of your key marketing and communication assets securely through the cloud. Those old habits of manual checking and rechecking, cutting and pasting and sticky note updates are no longer necessary. The reporting scramble at the end of every quarter and the rush to ensure consistency across all output – those should be ancient history now too.
For those of us that have been in this industry for a while, taking advantage of technology advances is more about breaking down old patterns than breaking down data silos. And while that can be challenging, it is critical if firms want to navigate the current market and remain competitive over the long term. When you stop worrying about where your data is and whether it’s accurate, you free up time to showcase what makes your firm unique, provide a more extensive rationale behind investment decisions, and strengthen client relationships.
It is time to bring your data out of hiding, stop worrying about its accuracy, and put it to work for your firm.