Jon Sayer Buisness Development Manager of Whistlebrook Limited considers the effectiveness of a single version of the truth.
All those who are involved in the production of reports, and the analysis of data, will not need convincing about the importance of sourcing consistent and reliable information. However, time and time again, achieving this is not possible. Typically with financial services organisations data is distributed across multiple systems and users do not have direct access to the data, which is often in multiple formats. Consolidating multiple data sources is both a significant challenge and creates a huge dependency on an organisations IT department.
A Data Warehouse can revolutionise how organisations access and make use of their data. Through an ETL (Extract Transform Load) process, data can be taken from multiple sources and consolidated into one centralised single source. With one single version of the truth the benefits are myriad; users now have instant access to all the data they need from one source; quality and consistency is dramatically improved, which allows for better informed strategic decision making.
Once a Data Warehouse is in place, there are numerous tools available to execute analysis and obtain business insight. According to the 2018 ‘Gartner Magic Quadrant’ Microsoft’s Power BI has quickly become the leading tool in the market place, this is due to its breadth of functionality, ease of use and low cost. Power BI is Whistlebrook’s recommended tool for querying, reporting and gaining insight from our Data Warehouse.
As a supplier of back office systems to the financial services sector, Whistlebrook supports a powerful Data Warehouse to deliver a single view of the truth. All of Whistlebrook’s applications can be installed as stand-alone systems. When multiple Whistlebrook systems are implemented, each application is able to consume and share data through the Whistlebrook Data Warehouse that sits at the heart of the Whistlebrook product suite.
What does this mean in practical terms? With all of an institutions key financial ,and operational data, data being held in one repository it can be used for the production of very granular management information and it can also be consumed any of the Whistlebrook suite of back office systems. For example the Whistlebrook Regulatory Reporting can use this data to auto-populate and submit an institutions regulatory returns. In a similar fashion, the Whistlebrook Data Warehouse can also be used by all of the other Whistlebrook applications, including amongst others; Business Intelligence, Asset & Liability Management, Hedge Accounting, Effective Interest Rate calculation, and Financial Planning.
In summary, with a single source of the truth processes become more streamlined and accurate with huge potential business benefits from automation. With organisations having such significant reporting overheads, a need for quick strategic decision-making and the potential fines associated with regulatory reporting failures; can institutions really afford to be without a Data Warehouse?