The financial data management landscape is changing rapidly, and one trend is dominating conversations: the cloud. As I prepare to meet with clients worldwide, it’s clear that cloud-based strategies are no longer just an option—they’re a necessity.
I’ll be hitting the road over the next few weeks to meet with our clients and prospects about how GoldenSource continues to turn up the dial on cloud-based financial data management. First stop is Toronto, Canada, then on to Melbourne & Sydney, Australia, and finally, San Francisco for Snowflake’s Data Cloud Summit ‘24.
As I gear up for the trip, I thought I’d share what I think will be the top five topics of the conversations I’ll be having:
- Digital transformation is first and foremost about the data. Evolving your operating model is really about having solid data governance program. Before you change accounting platforms, or hire a team, or consider outsourcing any aspect of your infrastructure, having the firm data management foundation in place for financial services will make all the difference.
- The very next step is having security mastering in place. Having access to a centralized, operational data store of financial instruments and securities is very key. Without it, it’s virtually impossible to establish or maintain any kind of competitive advantage.
- The easier the access, the faster you can provide real value. That’s the advantage of having access to GoldenSource data schema in the cloud. The introduction of GoldenSource Omni – our accelerator for Snowflake – has enabled asset managers to gain turnkey whole-of-fund visibility. Enabling more self-service and ease-of-use, along with scalability and maintainability is the name of the game now.
- There’s a fast-forward adoption of the cloud happening now. The more I speak with clients, the more I hear that the cloud is now seen as a totally viable data management platform – with no sacrifices to data security, data privacy, or data control.
- Opex concerns about data management are disappearing. Any past concerns about data have become a non-issue as long as best industry standards and practices are followed. The days of having to rent space in a data center with fixed capacity are disappearing. The flexibility of the pay-as-you-go model the cloud offers makes complete sense from an operational perspective. And from an application development perspective, too.
Of course, these are just some of the considerations to think about when adopting a cloud-based data management strategy.