Simplifying Data Analysis
One of Continuus’ clients was using Irion DQ (IDQ) as a data management, integration, and quality tool to integrate disparate sources of information about flow, performance data, and Assets Under Management (AUM). IDQ allows users to pull source data then perform consistency checks and validation across systems in real time. It was originally implemented to provide staff with a comprehensive dashboard displaying insights on mismatched data. Unfortunately, it wasn’t nearly as informative as the firm would have liked. An internal IT team did not have much support or experience with IDQ and struggled to improve its usability. To top it all off, the tool had an extremely high licensing fee. Because the firm had implemented Markit EDM as a security master after the IDQ launch, they approached Continuus to see if Markit EDM could perform IDQ’s functions.
The Continuus approach
Because the firm had put a string data governance and development team around Markit EDM and Markit EDM has a robust exception dashboard tool, we were able to port the data and functions of IDQ to Market EDM. To make the transition easier for the firm, we plugged in to the firm’s exception processing engine and reused the dashboard that all the users were familiar with. This provided a seamless user experience for the firm’s advisors while giving them access to more up-to-date and accurate information.
As a result of this implementation, the firm was able to retire the use of an expensive and difficult-to-support tool, and replace it with Markit EDM, a system that the firm was technically able to support. This saved the firm money and allowed them to retire servers, simplifying their overall IT environment, while also helping their advisors do their job more efficiently with tools they already understood how to use.