When will it rain? How much grain will we harvest? Since the dawn of time, humankind’s survival has depended on the availability of accurate information. Today the number of questions we need to ask becomes more, and the answers we need to uncover in order to develop are ever more sophisticated.
In the same way, the development of Asset Managers depends fundamentally on the availability of high-quality information. Such information is accumulated and processed through data-driven business models. Data-driven business models promote innovation, enhance processes and lower transaction costs, leading to competitiveness and economic expansion.
On the other hand, bad-quality data can significantly negatively impact Asset Managers, frequently causing angry clients, additional costs, wrong decisions, and sometimes even fines or more subtle adverse effects. An article published in the renowned MIT Sloan Management Review in 2017 outlines that insufficient quality data costs companies on average, 15% to 25% of their annual revenue – A sum high enough to be a decisive factor for a company’s continued mid- to long-term economic success.
FundsXML helps Asset Managers to fix and improve their data sets by enabling data quality checks. Using the FundsXML format helps you to ensure that your business partners and end users are working with high-quality data. Therefore FundsXML makes it possible for you to treat data as what it is, your most valuable asset.
In particular, using the FundsXML format, different factors relevant to high data quality are considered.
FundsXML helps you to ensure the following:
That your data contains the correct values and a proper structure.
That your data contains all the elements that it should include.
That your data conforms to a standard set by an international organization.
That your data is consistent.