How Many Data Solutions Do I Need?

admin | March 19, 2020| 10:52 am

Most companies, especially investment firms, consume lots and lots of data. They rely on timely, accurate data. But how does it all work? How can they be assured the data is accurate? And with data being collected from numerous sources, what mechanisms are in place to collect, extract, transform, reconcile/validate, and integrate all this data? There are a number of companies who bring solutions to satisfy some of these steps, but wouldn’t it be great if you could find one company, one software platform, to provide a holistic solution to all your data management needs?

The life cycle of data is important to understand when considering a data management solution. Each step in the cycle is essential and is dependent on the step before or a requirement for the next step. The entire workflow must come together. When one solution cannot be found, companies revert to using their own methods to fill in the gaps, usually with manual-oriented spreadsheets. The obvious problem this presents is the lack of control and risk of manual error. You want to find a solution that addresses each of the five pillars of data processing: collection, extraction, transformation, reconciliation/validation, and integration. Identifying relevant information, obtaining it in an efficient and timely fashion, and converting it for integration with downstream systems must be achieved to complete the cycle. The steps must be executed with precision to maintain the integrity of the desired data. If certain steps are missed or performed incorrectly, the data cannot be trusted. A system that can handle each phase of the cycle is more accurate, and therefore more valuable.

Smonik has embraced the holistic approach in our data management solution. Our system handles each stage of the data life cycle through an intelligent, automated process. First, documents in any format, including structured or unstructured PDFs, are collected from targeted sources such as other databases, FTP sites, message queues, web services, or email. Next, the desired data is extracted from the documents. The system normalizes the data and transforms it automatically based on user configurations, validating it throughout the process. Lastly, the data is formatted into a custom output to be integrated with downstream systems. Data stays safe and accurate throughout its life cycle with Smonik.

After years of struggling with piecemeal solutions to solve this issue, we decided to create the one comprehensive data management solution. By taking a holistic approach, Smonik protects your data’s integrity by keeping it under your control throughout its life cycle. To see a demonstration of our data management process, please contact us today.